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.
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

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