How To Sell A Promissory Note: Here is a Guide!

Do you know that in real estate business, instead of following the traditional payment procedures, the parties at both the ends, i.e. the buyer and seller can have private promissory note? Actually, a promissory note can be defined as a legal conversation or structured settlement done between the buyer and the seller for the payment to be done for the asset. 

You can sell a Note but How to Sell a Promissory Note?

For example: Person A wants to buy a house from Person B. But Person A do not have complete amount to be paid to Person B. In that case, Person B collects a basic payment from Person A and asks him to pay rest of the mount in installment with interest. But, when the deal is so big, a mere trust on the other person is not enough and the entire process involves legal document in between which is termed as promissory note and a mortgage note. 

A promissory note contains all information about the asset, its price, interest, address and other minute details. This is a promise from the Person B to Person A that the due debt will be paid on time, as per mentioned in the note. Now, suddenly, Person B finds the need to have lump-sum for the property he sold to Person A and in that case instead of asking it from the buyer, the seller has the right to sell the promissory note to an investor who can pay the debt amount and then become the right-holder of the asset. 

But, the major problem of the seller is how to sell a promissory note? There are so many investors in the market and choosing between them is a difficult job. In that case, Dream Projector can turn to be a great help in term of advice and as a genuine buyer of your promissory note. 

Note : First Equity Note, LLC specializes in purchasing owner financed mortgages and land contracts. Whether you reluctantly accepted a mortgage in order to sell your house, or you accepted a mortgage note for investment reasons, we can buy your mortgage note or land contract and give you cash today. Connect with us on Facebook, Twitter, Pintrest, Google Plus.