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Hold a Private Real Estate Note?

To Sell or Not to Sell?


By cmoneyspinner

Published: 04/20/2011

NEED CA$H NOW?

NEED CA$H NOW?

Future Payments or Cash Now?

It is not uncommon for creative home sellers to offer seller financing or owner financing to potential home buyers so they can sell their houses quicker, particularly in a poor housing market. While applying seller financing techniques isn't more difficult than traditional or conventional real estate sales, most buyers who agree to a seller financing arrangement usually represent a different target market than the usual borrowers who are approved for bank-financing. Likewise, the process for flipping the seller-finance note and getting one large payment also varies from the conventional real estate closing technique.

In many seller-financed real estate transactions, the property owner may have an immediate need for more cash than is available from the agreed-upon scheduled payments. This situation often arises when the seller needs to have enough money to use as a down payment for the next real estate property they intend to purchase. Whatever the reason the seller needs the money is not nearly as important as whether or not the seller can get cash money.

Since the reason the seller-finance promissory note was created was likely because the home buyer did not have the immediate cash to close the real estate deal, but was considered credit-worthy enough to be relied on to make future payments, where then can the seller get CASH NOW?

So. Are you a private note-holder contemplating whether or not you should convert "paper" to "paper"? You sold your piece of real estate and now you hold a piece of paper. It's a promissory note, a private mortgage, a private trust deed or deed of trust, a seller-finance note, an owner-finance note, or whatever name you choose call it. It's a "promise to receive cash", a future payment, and not actually cash in your hand that you can spend now!

Face it. Credit worthiness is good. Cash is better. CASH IS KING! Especially during an economic crisis.

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or on a specified date.

The seller-financing note created is a negotiable asset or instrument which you can convert to immediate cash by selling or assigning it to another party.

Have you ever had a check made out to you that you in turn endorsed and made payable to someone else? The "theory" is the same. The future payments that were scheduled to be received by you are sold or assigned to a note investor who paid you CASH NOW. The home buyer who initially agreed to pay you (the home / note seller) scheduled payments is notified to remit those future payments to the note buyer or investor who paid you a lump sum payment for the privilege of becoming the new note-holder .

You, the home seller or property owner, can effectively complete the sale of your real estate property if the entire note is assigned. However, you're not legally obligated to sell or flip the entire note. Did you get that? The entire note does not have to be sold or assigned. A flexible note investor will work with you, the note-holder, to customize your cash-out options to suit YOUR financial needs (or wants or wishes ).

This means, in the same way you used a creative financing method to sell your home by creating a note, you can be equally as creative in customizing your note deal and selling your private note. I like to use the expression: $ET $ELL AND $AIL ON! Meaning … SELL YOUR ENTIRE NOTE ... SELL INTEREST PAYMENTS ONLY ... SELL PRINCIPAL ONLY ... SELL THE BALLOON PAYMENT PORTION OF YOUR NOTE ... SELL 30 PAYMENTS OUT OF 60 SCHEDULED PAYMENTS … etc. Whatever you agree to $ELL, agree on a $ET price or the lump sum of cash to be received, close the note deal and go on that cruise to The Bahamas. That's what you needed the money for wasn't it? $AIL ON!

As was stated previously, the reason the seller needs the money is not nearly as important as whether or not the seller can get cash money.

 

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So How Does a Private Note-Holder Locate a Note Buyer?

So where does a note-holder find these "parties with ready cash on hand"? There is such a reference as a "Registry of Note Investors". It costs about $79. I've never used it so that's all I can say about it.

There is also something called a "Directory of Owner Financed Note Buyers" which costs about $40 which I have also never used.

The following suggestion is not the only way to locate note investors, but it's an easy way and it's a way that I know and can speak to with a degree of confidence.

Thanks to the Internet and search engines like Google, Yahoo and Bing, just type in keywords such as "note buyer", "cash flow notes", "private note buyer", "note investor" or … make it easy for the search engine to think like you do and type in "sell real estate note" OR "real estate note buyer". Anywhere from 3,000 to 50,000 search results might appear. OR … just type in "CINEX Notes Services".

CINEX Notes Services is a free note listing service that serves to build a bridge between private note-holders, i.e. parties who created private promissory notes with owner or seller-financing, and note investors ( note buyers), i.e. parties who have ready cash and want to pay note-holders CA$H TODAY in exchange for their CA$H DELAY .

The point is, if you have a real estate note to sell, there is an almost unlimited pool of note buyers or note investors out there. YES, you can be choosy. NO, you don't have to beg. Most parties interested in buying your real estate notes will gladly give you a FREE NOTE QUOTE. (And hold their breath hoping you will accept the offer. But of course, you'll never see them sweat.)

Finally, a few more pointers:

  • YOU are selling YOUR note. IT'S YOUR NOTE DEAL. Customize it the way you want it. "Customize" means: one of two things. (A) Don't be afraid to ask questions to determine what the note buyer would agree with. (B) Don't be afraid the TELL the note buyer what you would be willing to agree with. Another word for "customize"? HAGGLING!!! Agree to whatever options fit your financial goals. Sure the note buyer has financial goals too. So what! That's not your concern. If the note buyer doesn't like your terms, go to another note buyer; or try to reconcile your differences.
  • Do some research: a sort of note buyer "background check". Simple requests for essential information like: Been in business long? - How many note deals have you closed? - Got any references, recommendations, i.e. satisfied parties who have closed note deals with you and are willing to say so? - How fast can I really get the money? You might find you're dealing with a savvy experienced note investor or a newbie. Just because a note buyer may be new to the business, that doesn't equate to: not reputable, bound to screw up and they don't know what they're doing. Keep in mind the experienced note investor was once a newbie. The novice note investor might be sitting on a wad of cash they just inherited, they're on the hunt for a good investment, and decided they want to stretch the lump sum inheritance over a period of monthly payments. You're trying to stop collecting payments and they want to start collecting payments. You're made for each other. You just have to find each other!
  • If you decide to sell your real estate note, the rule is "ONE PRICE FITS ALL!" That means you agree on a set price and that's it! No extra fees for this or for that or for nothing! Everything is included in the lump sum cash offer. You take it or leave it!
  • If you are made an offer, then later the amount is changed and an excuse is given about an "unexpected or unforeseen circumstance" that impacts the initial offer ... PUT THE UNSIGNED PAPERWORK DOWN AND BACK AWAY!! Whatever is agreed upon, GET IT IN WRITING. And it certainly couldn't hurt to have a pair of "legal eyes" review the written agreement.

 

 

CONCLUSION:

So if you are a private note-holder, and you want a lump sum of cash instead of collecting payments, check the Registry or Directory if you can get your hands on one; or just get on the Internet and do a general search. You'll find note investors from California to New York, from Texas to North Dakota.

CINEX Notes Services which is based in Texas, offers their services to private note-holders nationwide. List your note and obtain a FREE note quote. Just click the button below and complete the CNS Real Estate Note Listing Form for an evaluation. Your note will be appraised in terms of its present value. What is meant by "present value"? Money now is worth more than money later. The note quote should reflect the fair value of what your future payments would be worth if you had that actual cash amount to spend today, not in the future. You are under no obligation to agree with or accept the note valuation.

If you do approve of the FREE quote (the "one price fits all" cash amount the note buyer is willing to pay for your note), you can initiate the note sale, process the required paperwork, and in many cases a note investor can finalize your note deal and provide the funds within as little as two to three weeks.

Hope you found this article useful. If so, please let me know.

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Click here to send me an eMail: Contact cmoneyspinner

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