How To Sell A Promissory Note?

Owning a promissory note, instead of demanding cash, sounded like a good idea at the time you sold your real estate or business because you would have a steady stream of monthly payments at a reasonable interest rate. Right? But, how to sell a promissory note?

(A promissory note is defined as 'A promise to pay a certain amount of money on a periodic basis, defined by the terms and conditions contained in the Note Document'. Usually, a Promissory Note is constructed during a tangible property sale event where the property seller 'takes back' a Note instead of Cash.)

Then, you soon found out that one, the interest rate you charged is now too low, two, the payer of the note doesn't always make the payments on time so you have to call and demand the payments, three, you have to pay taxes on the income, four, you figured out that the value of your note diminishes everyday, and, five, you could put the lump sum of the note money to better or now-needed use.

So, you decided to sell your note. First you went to your bank and they wouldn't buy it nor did they have any information about the selling process. Next, you asked your friends and one said 'Find a Note Broker'. So, you searched on the Internet and found a million web sites all purporting to be able to buy your note. You talked with a few but didn't get any satisfaction nor any return calls. Now the frustration sets in. Here is how to sell your note

1. A reputable Note Broker will take the information about your note, package the information and contact us and other Note Buyers he has brokering agreements with. Some will broadcast your note to everyone on the Net. Broadcasting will devalue your note to almost $0.00. So, if you want to use a broker, ask him to provide you with the list of buyers he is sending it to and does he have agreements in place with all those buyers.

2. A Note Investor/Buyer like us will request detailed information about your note before we will provide you with a cash-purchase-quotation.

3. You should receive numerous phone and email communications from your selected Broker or Investor prior to providing a cash-purchase-quotation. In our case, after 30 years in the business and 50% referral customers, we must be doing something right, we contact you within 1 day of note information submission and explain the process.

4. You will receive, from us at least, a cash-purchase-quotation to buy your note based on the information you provided.(If you contacted us directly, you would have completed our online Note Information Worksheet which asks all the required information to value your note).

5. Your Note cash-purchase-quotation is usually a Net-Cash-To-You quotation. Sometimes it will be "$XXXXX.XX with your Appraisal and Title.

Bottom Line: Don't get caught up in the excitement of the deal while understanding on how to sell a promissory note.

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