| Nine Fatal Mistakes Note Seller's
Make
1.
Sellers fail to keep all information on the buyers in a safe
place in case of fire or some catastrophe.
Phone numbers, employment, social security numbers, original note,
mortgage, insurance policy, ect.
2. Sellers fail to make sure real estate
taxes are paid on time by the borrower, or better yet, sellers should
pay the real estate taxes themselves.
3. Sellers fail to make sure that their
title company or their attorney made them an amortization schedule so
that they can keep up with all payments that are made to
them.
4. Sellers usually let the buyer get
into the habit of making late payments past the grace period.
5. Sellers usually don't notify a buyer
at least four to six months before a balloon payment is due, in
order to give the buyer time to refinance the loan.
6. Sellers usually don't make sure that
the insurance policy on the property is issued for an amount that
represents at least the full value of the note still owed them.
Owners should make sure that they are listed as mortgagee, trustee,
or the first contract holder on the policy. This way you will
be entitled to the proceeds from any claim ahead of the borrower.
You as owner should also get a notice of cancellation if the borrower
fails to keep the policy current.
7. Sellers fail to make a habit of
driving by the property on a regular basis to make sure the buyers are
keeping the property in good condition. If the property is out
of state, have someone you can trust drive by for you.
8. If a buyer gets three months behind
on their payment, immediately start the foreclosure
process. The biggest mistake made by sellers in this area is a)
taking matters in their own hands; b) delaying the foreclosure
process; and, c) not getting an experienced foreclosure attorney to
help them.
9. Most sellers don't realize a note is
a depreciating asset. Each month, each year the value of the note
becomes less and less due to inflation eating away at the
value of your note.
If after reading these nine fatal mistakes
that sellers make, and you have made all or any of these
mistakes, and if being a mortgage holder is not what you
bargained for, then we have the solution for you. Sell
your note to Harris Note Investors. We have the expertise
and experience to handle all of the above problems. We
will convert your note to a lump sum of cash and then you can be
free to live the good life, such as:
(Click on picture to see larger version.)
-Take that long needed vacation
-Buy that luxury car
-Buy that new boat you always wanted
-Buy your dream house
-Send the kids to college
-Reinvest the proceeds into a (liquid) appreciating asset
-You can start to live life to the fullest with cash in your
hands
List your note with us, and let's start the
process!
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