Broker's Opinion Of Value Form - Sell Mortgage Notes in 7 Easy Steps [mortgageloan-processor.blogspot.com]
mortgageloan-processor.blogspot.com 04-08-12 The USDA Forms and How to Info on Mortgages.flv
Before anyone had heard of a subprime mortgage crisis, one of the nation's largest mortgage companies, Countrywide Financial Corp., was using discount loans to. ... The Justice Department has not prosecuted a single Countrywide official, but the House ... House reveals broad mortgage corruption involving Congress
Broker's Opinion Of Value Form
If you sold property using seller financing chances are you've wondered about selling the real estate note. Maybe you're tired of receiving monthly payments, have a better use for cash today, or are just curious what the note is worth. Broker's Opinion Of Value Form
Here's how to sell a mortgage note, trust deed, or land contract in 7 easy steps.
Step #1 - Request Quote
Just complete a short informational worksheet to receive a free no obligation quote. This can be submitted online, by fax, or over the phone.
Step #2 - Provide Document Copies
To get started note buyers like to see copies of these three documents:
Settlement Statement Promissory Note Mortgage, Trust Deed, or ContractIt is also a good time to be sure you know where the originals are located, especially the Promissory Note, as they will be requested at closing.
Step #3 - Accept Offer & Agreement
Once an offer is accepted it will be outlined in a written agreement.
In addition to stating the price, the agreement will specify conditions of closing and who pays costs.Step #4 - Note Buyer Review
The mortgage note buyer will perform a detailed review of the transaction, known as due diligence. This includes a review of the buyer's credit, current tax and insurance status, payer interview, and other important items.
They may also request copies of additional documents including a payment history, insurance policy, and existing title report. Broker's Opinion Of Value FormStep #5 - Appraisal
The note investor will order an evaluation of the current property value. This usually takes the form of a Broker's Price Opinion (BPO) or drive-by appraisal. The investor wants to be sure the property value is still equal to or greater than the sales price. If the value comes in low, the note investor may present a revised offer for consideration.
Step #6 - Title Search
The title search verifies ownership of the property and the mortgage note. It saves time and money to work with any title report that might exist from the original sale date. If the title search shows money is still owed on a prior mortgage it will usually be paid from proceeds.
Step #7 - Closing
When all steps are complete the note buyer will send the final closing documents for signature. The title company is often used to handle the exchange of money for the original note and transfer documents. Funds are typically paid in the form of a wire transfer or cashiers check. You are also encouraged to have your attorney review and advise with the closing process.
Selling your mortgage note can be a simple process when you work with an experienced note buyer. Just take a few minutes upfront to gather your information and documents and they will handle the rest for you! Broker's Opinion Of Value Form
More Broker's Opinion Of Value Form - Sell Mortgage Notes in 7 Easy Steps Topics
