If you carried your own financing when you sold a property, there are companies that are willing to buy your notes. You can sell part or all of the note and receive cash in a short time frame. The following are a few reasons why you might want to consider doing this.
Eliminate note management
As you are well aware of, it takes time to manage a mortgage. Companies that carry mortgages as a part of their business are set up for this. They have specialized software and dedicated employees with special training. This makes the process for a single mortgage quick. But when you are doing this yourself with a single mortgage, it can be time consuming. You are responsible for collecting the mortgage payment as well as keeping appropriate and detailed records of these payments. All of this disappears once you sell your note.
Move your money to a more stable investment
Carrying your own financing has inherent risks that you may not be comfortable with as time goes by. This is especially true as you approach retirement. If you are looking at a lower-risk investment to safeguard your retirement money, it may make a lot of sense to sell your note now and put the proceeds in a safer place.
Get emergency money fast
If you have an emergency need for money, the option of selling your note can be helpful. Emergencies such as medical bills can be difficult to pay for. In some circumstances, you may have some time to look for the money to pay a bill, while at other times, you may only have a few weeks to get the money. This is when selling your note can get you the emergency cash you need quickly.
Get extra cash now
There is no reason to wait for that extra cash you want for that special something you have your eye on. Perhaps it is a vacation to an exotic destination you have been thinking about. Or maybe you are thinking about buying a new car or boat. Selling your note is a good way to pay for home improvements like a new room addition or a swimming pool, too. There are many possibilities when you have access to the cash tied up in your mortgage note.
Whether you want to spend your money, use it for an emergency, make your life simpler, or you just want to protect your nest egg, selling your owner-financed note may be a good idea for your life and personal finances. Contact a mortgage note buyer like Nine Tails Inc. for more information.Share