Tuesday 2 December 2014

When, Why and How to Sell Your Promissory Note

A Promissory note is a necessary document for the purpose of making a land contract saleable. Usually, the person selling the property converts the land contracts into promissory note. During the conversion process, it is crucial to study the documents to identify any visible errors and get them corrected. It is extremely essential as it is easier to market a Promissory note as compared to land contracts. It has been observed that land contracts are often flooded with errors and not marketable. For instance: sometimes land contracts are signed and have no dates, no particular closing date is defined and indicate the first installment must be paid after 30 days of closing, includes misleading information, a contract meant for 30 years for repayment period wrongly reflects only 20 year of amortization and many such blunders have prompted the buyers and the sellers to opt for Promissory notes. Correction of such errors requires cooperation from the payers. For the advantage of both the parties it is indispensible to correct these mistakes.



First Equity Note, LLC is owned and established by Richard Evans who an industry pioneer with over 40 years of experience in Insurance, Real Estate, finance and securities licensed. His company First Equity Note, LLC works on liquidation of Land Contract and Mortgage notes. It assists in making it possible for the holders to attain bulk payments for the properties instead of waiting for long to get the installments over a prolonged period of time. Its expert services can be availed for making your property deals hassle free.



 It is advisable for both the buyers and the sellers who are dealing through land contracts to contact First Equity Note, LLC and avail their expert advice for free. Suitably an attorney must be hired to draw up the agreement. But most attorneys are not updated about current legislation, alterations and ramifications in such dealings, as they may not specialize in real estate. The Dodd Frank bill and the SAFE Act are the two most important pieces from the legislations relevant to such cases as they influence land contract or mortgage note. You may “Google” them to learn about them and discuss the same with your attorney. Once the note has been drawn and prepared, pay close attention to all necessary details like what a land contract buyer wants to see, when the note is first drawn-up and other details. Such information comes handy while selling the promissory note without any hindrances. Watch out for the balloon payment provision on the contract as places the seller in a position to ask for full payment in cash after a few years of sale. As such situation might he tough on the buyer who on failing to arrange for the bulk finance might have to lose the property.
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First Equity Note, LLC  is a Mortgage Note (Promissory Note) selling company. We focused on Land or property contractor. We provide all type of Mortgage Note (Promissory note). For more information about our business and our business updates follow us on facebook, twitter, pinterest

Friday 21 November 2014

How to Sell Your Real Estate Note

The question “how to sell a real estate note?” has been asked quite often in the past few years. The recent transformations on the real estate industry has lead many home owners to sell their houses. They had to sell their properties on land contracts or take a mortgage note form the banks as the financial institutions refused to give any more loans. A radical fall in the property values incurred loses for the owners as they sold their homes for lesser as the properties would not appraise. In such situations taking back the real estate note was deemed as a more favorable options.




Currently the banks taken a completely different route as they have revised their lending practices and have initiated stringent documentation requirements and had set larger requirements for down payments. Times have changed now, as you can no more buy a house without any down payments. Post the big recession; most people in the US are still working towards getting back on their feet, as many were jobless for a long time and ended up becoming defaulters. Even after gaining jobs and things getting back to normal, may people are still suffering from the aftermath and failing to qualify for availing mortgage. A large segment of the population has now become cash rich but credit poor. In such situations, getting bank loans or buying home on land contracts requires the individuals to pay higher interest rates for a while to re-establish the credit ratings to successfully meet the strict bank requirements.



Starting 1st January (2014), the balloon payment of money a few years into the contract is considered a taboo. Dodd Frank bill came into effect in the beginning of the year and laid down the mandatory requirement of the note to be amortized over a certain period minus any acceptable balloon payments. Numerous unethical practices by real estate investors who sold land contracts with an expectation that the buyer would fail to pay the credit and eventually have to opt for balloon payment. When such individuals would fail to get any financial assistance form banking institutions, the real estate holders would take back the property and resell the house. The previous owner very conveniently loses any possible equity in the property. Such immoral practices of selling same property over and over for personal gains have lead to such drastic alterations.


Remember that based on the state of residence, the terms used to refer to the real estate note may differ as it is also referred to as Title for deed, land contract or a mortgage note. They all mean the same and can be used interchangeably. The principal trade of the Real Estate note buyer is to purchase and to sell the real estate notes. For any such assistance make sure First Equity Note, LLC is on your speed dial contact for either buying or selling any mortgage note or Land Contract.
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First Equity Note  or Dreamprotector is a Mortgage Note (Promissory Note) selling company. We are professional in this field. For more information about our business and our business updates follow us on facebook, twitter, pinterest

Thursday 6 November 2014

Sell a promissory note with the best deals

Instead of demanding cash, if you owe a promissory note, it sounded to be a great idea while you were selling a business or real estate. This was so because you would have gotten hold of a steady and constant stream of payments every month and that too at reasonable rates. And if you are wondering as to how to sell a promissory note then read further.



First and foremost, it is very important to understand what a promissory note means?? A promissory note is primarily a promise to pay a set amount of funds on a regular basis that are defined by certain guidelines or terms and conditions that are mentioned in the note document. In the majority of times, this type of note came into being during a real property sale wherein the seller instead of taking cash, takes back a note.

Methods of selling your note:

1.     Firstly, you could get hold of a note broker that will be of great assistance in providing you with all necessary information about your note. He will also package all the information along with your essential details while doing the same. There are many brokers that prefer to broadcast your note online to look for potential buyers. However, if you do not want that, you can simply as your broker to search for buyers in any other way and provide you with a list of potential buyers. 



 2. A note buyer or investor would always ask for a detailed information regarding your note prior to providing you with any estimated quotation.

3. Prior to providing a cash-purchase-quotation, you must receive various email communications and phones from your chosen investor or broker. If you do not, then there is probably something that you are not doing incorrectly. 

4. Based on your information provided, you would then be able to receive a quotation to purchase your note. If you get hold of a correct and the most reliable broker, they might assess your note and provide you with an approximate valuation of the same.



5.     The quotation is net cash to your estimate. If you are still wondering as to how to sell a promissory note, you can make an online research on the same. 

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       First Equity Note  is a Mortgage Note (Promissory Note) selling company. We focused on Land or property contractor (property dealer). We provide all type of Mortgage Note (Promissory note). For more information about our business and our business updates follow us on facebook icon, Twitter icon, Pinterest icon