How do I sell a note I just inherited ? - Posted by Joe Breznowski

import · February 14, 2000, 2:12pm

Posted by Bud Branstetter on February 14, 2000 at 16:38:03:

What you will need is the original note. It will say how much payment for how long. Then you will find a source like American Note on the banner above. They can not only broker it for you but buy it. Part of that brokering process is to get an appraisal of the property to be sure there is the value there. Another part is mortgagee title insurance to be sure there are not other claims against the property ahead of your note. They would like the original closing papers on the note. Finally they will ask the payor to confirm that additional payments have not been made. They would like a history of payments made but I doubt the attorney has that. It may not be required if there is enough value in the property.

There are others that buy notes that will probably contact you. American should be in the ballpark of what it is worth. There are other sites that could get you quotes. Without more information if is not possible to give an estimate of it’s worth.

import · February 14, 2000, 2:12pm

How do I sell a note I just inherited ? - Posted by Joe Breznowski

Posted by Joe Breznowski on February 14, 2000 at 15:12:49:

I just received a note from my Uncle’s probate attorney as part of my inheritance. I am told it has a face value of 123K at 17% interest with 5 years remaining secured by a single family home in las vegas.

I would like to sell it but I don’t have a clue how to go about doing this. Any recommendations would be appreciated.

Thanks

Jos Breznowski

import · February 15, 2000, 10:20pm

Re: How do I sell a note I just inherited ? - Posted by ali

Posted by ali on February 15, 2000 at 23:20:30:

i would be interested in the note , if you can fax me a copy of note
at 972-466-2550
thanks
ali

import · February 15, 2000, 7:21pm

Re: How do I sell a note I just inherited ? - Posted by David Butler America’s Note Network

Posted by David Butler America’s Note Network on February 15, 2000 at 20:21:17:

Hey Joe,

Like anything else, buyers need information so you will want to get the specifics on the note. If you would like, feel free to tour our site by clicking on our banner above to access America’s Note Network (not American Note - that’s a different banner).

America’s Note Network offers you a free listing service that will give you instantaneous exposure to active notebuyers nationwide. Since 1995, our website has facilitated almost $450 million in closed note sales for note holders. The free site tour will allow you to see the kind of information you need to provide in order to get a quote and sell your note.

Hope this helps, and best of luck.

David P. Butler Vice President, Broker Relations

import · February 15, 2000, 9:03am

Re: How do I sell a note I just inherited ? - Posted by Judy Miller - American Note

Posted by Judy Miller - American Note on February 15, 2000 at 10:03:58:

Thanks for the plug, Bud! Jos, we see these situations a lot, an inherited note. Most often the benificiary, in this case, yourself, doesn’t know much about the property that secures the note and cannot provide a lot of information. Note investors will do all the due diligence for you with your just providing a faxed or photocopy of the note you have in your possession.

From the title assessment that is ordered, a basic broker’s opinion of value of the property, and looking at the payor’s credit, all which can be done by your providing a mere photo or faxed copy of the note you hold, an investor can give you a value for your note.

Here is what is interesting about what you DO know about your note. First, it has a 17% interest rate and is for a short term (5 years). These factors indicate that it just might be a 2nd. Why else would someone pay that much interest? Or accept such a short term to pay it off? Next, for that kind of interest, perhaps the borrower might not have the best credit. All of this is conjecture, of course, and helps make my day just a little more interesting!!!

In any event, you might consider starting with the basics and learning the value of what it is you are holding. Then, when you receive an offer to cash it out, you can determine whether collecting the monthly payments is preferable to you, or the lump sum of cash.

I’m available to assist you with an evaluation if you are interested.

Judy Miller, President
American Note