General Purchase Process:
The general process is simple, but is unique depending on your state / the note type you are selling. Below describes the process for a mortgage note, the most common note bought and sold. For further detail on other notes please call our office.
1 - You submit a quote request online, by fax or by phone. We aim to process your quote request within 24 hours during normal business hours!
2 - We provide a quote to you and you accept.
3 - Our processing company gives you a call, provides a written agreement clearing stating our purchase price and works with you to collect the necessary documentation and information needed to underwrite and close.
4 - Actual underwriting now takes place. The end buyer of your note verifies all information submitted regarding your note is accurate, pulls the payers credit, reviews the title report, etc.. In rare instances, if the information initially submitted was inaccurate or has changed, the underwriter will contact us with a revised payment figure, which we will present to you. It is best to be as accurate as possible with your initial quote request submission so that we are not forced to lower the payment amount based on the underwriting process.
5 - Closing will be scheduled (usually can even be done via overnight mail!) and you will receive your check! You no longer have to wait years for your money and have now shifted the risk of default entirely to the note buyer! Congratulations!
How long does all of this take? In general, 2-3 weeks is a good estimate. However, things can move quicker if you can provide everything requested quickly. It is in the buyer’s best interest to close quickly, so the pace of the process is usually dictated by how fast the seller is able to respond to the buyer.
FAQ - Frequently Asked Questions:
What is the standard discount rate on notes?: Unfortunately, there is no standard rate. The amount of the note, term and interest rate among other things affect the purchase price and discount. Please submit a free quote request for an accurate estimate; their is no cost or obligation to you.
How soon can I have my money?: Two to three weeks is a good estimate, perhaps a bit more or less. Please see the “General Purchase Process” section at the beginning of this page for more information. We make no guarantee to closing times as this is out of our complete control as we need to receive information and documents from you/the seller, credit reports, title reports and other outside information. It is the note buyers intention to close ASAP, and we have seen notes close in less than 1 week.
Why should I use your website/company?: We will provide you with a quick, fair, free and no-obligation quote - what do you have to lose! Also, if you look around you will probably quickly find that there are only a handful of unique websites. This is because most “note-buyers” or “note-brokers” are note truly in this business full-time. The majority of websites you will encounter are “business-in-a-box” websites that anyone can purchase (sometimes from an infomercial) so many of these businesses are unprofessional, inexperienced and probably a waste of your time! We are a bona fide company offering experience and fair, free quotes. We are not looking to make a ton of money on one deal, but rather we deal in volume and always try to offer the lowest markup possible.
What fees are involved in selling my note?: With us, none! We will provide you a “net” quote, meaning the amount quoted is what you will pocket at closing, with no outside fees payable by you.
Is it a good idea to sell my note?: That is a question you should ask yourself and perhaps a trusted financial advisor. It would be unethical for a note buying company to advise you regarding this as a note buying company has a conflict of interest - we make money by people selling notes.
Why would I want to sell my note?: Some note holders decide that they would rather have a lump sum now, perhaps to invest or perhaps to simply just not have to bother with collecting a small dribble of payments. Selling your note shifts the risk to the note buyer as once your note is sold you no longer are concerned with whether the payer defaults - it’s no longer your concern! There are many financial and emotional reasons to sell your note, but as stated above, you should weigh the pros and cons and perhaps consult a financial advisor.
Please click here for an online quote or contact us via fax or phone to get started with your free quote!
PROFESSIONAL NOTE BROKERS: If you have not previously worked with us, DO NOT not submit a quote request unless you also email us at info@fastcash4paper.com with a quick introduction of your company and why you are looking to use our service. Please include full contact details for your company. Without this intro email we will not process your submission and will not contact you further. As we submit bid request to all of the major direct buyers as well as utilize our own internal funding, we do not want to needlessly flood our buyers with redundant requests.