These days, a growing number of private residences, retail spaces and plots of land are being sold through owner financing. Due to the economy’s lack of stability, many banks and lenders have made obtaining loans considerably more difficult, thus facilitating the need for the aforementioned type of financing. While there are some advantages to owner financing, selling your property in this manner can be a real hassle. In essence, owner financing requires you to act as bank by putting you in charge of collecting payments and keeping detailed records. If owner financing hasn’t panned out quite as you had hoped, consider the benefits of selling your mortgage note.
Functioning as a one-person bank can be a lot of work, particularly if you’re collecting payments on multiple properties. If there’s a property you no longer wish to owner-finance, dependable note buyers like American Equity Funding can quickly relieve you of the burden. Getting rid of a troubled property will save you a considerable amount of time, money and stress – and ultimately free you up to focus on more profitable ventures. Even if you wind up losing a little money in the long run, receiving a generous lump sum for a property you’re tired of financing represents a great deal.
As any seasoned investor can confirm, not every property you finance is going to prove equally profitable. That being the case, when dealing with bad properties or uncooperative buyers, it’s in your personal and financial best interests to tap out. The money you receive for mortgage notes you no longer wish to manage can be used to invest in more opportune properties and recoup any money you lost.
If you need a large sum of money in a timely manner, selling a mortgage note can be a cost-effective alternative to taking out a loan. For example, if you’re suddenly hit with exorbitant medical expenses, need to purchase a new vehicle or quickly need to pay off a longstanding loan, selling a mortgage note can provide you with the necessary funds.
Owner financing may be fine for some, but many people find it to be a persistent hassle. However, by selling your mortgage note, you can instantly remove a tremendous weight from your back. In light of the many perks associated with selling mortgage notes, anyone who’s less than satisfied with their owner financing arrangement is urged to contact a trusted note buyer.