Selling a mortgage note and choosing the right note buyer is a big decision, with financial implications that may impact your life for many years to come. Working with a trustworthy note buyer is imperative when it’s time to sell a note in . With the burgeoning number of companies that buy mortgage notes all clamoring for your business, it’s sometimes difficult to choose the right one. So before you choose, make sure you thoroughly research the companies you’re considering. To help you out in that regard, here are 5 signs of a trustworthy note buyer in .
1. Time in Business
There are many startups and new companies that are great, but when it comes to protecting your interests, go with the note buyer in that has been around for a while. At the very least, make sure they have sufficient experience with buying mortgage notes. In addition, it’s best to use a company that has local market knowledge and experience. The rule of thumb here is to choose a company that has been in the business for a minimum of five years.
2. Social Proof
It used to be called reputation and testimonials, but now the favored term is “social proof.” Check out references and especially reviews at online review sites. And don’t forget to see what kind of feel their social media presence has. Do they, for example, emphasize customer service overselling their product and services? Look for a note buyer that has a reputation for fair and honest service.
3. BBB Rating
And always use the tried-and-true method of checking out the Better Business Bureau rating of your prospective note buyer in . At a minimum, they should have an A rating, as well as no unresolved complaints. You can feel confident in choosing a note buyer in – that it is a strong, reliable business – if they have a good rating with few or no unresolved complaints.
4. No-Strings Offer
The company should also be willing to make an offer with absolutely no commitment on your part. If they are a reputable company, you should be able to receive an offer without having to sign any agreements or contracts. A no-strings offer is one sure sign that the company is a trustworthy note buyer in .
5. What Your Gut Says
Call it first impressions or a gut feeling, but whatever you call it, listen to it. You should have a good feeling about the note buyer you’re considering. They should offer free consultations and be able to answer any and all questions you have (and you should have plenty of them). In addition, staff and personnel should be approachable, personable, and straightforward, and they let you know what to expect and keep you informed of progress every step of the way. Also, you should never feel pressured or rushed to make a decision. There should never be any hard sell. Further, you should be able to easily contact them, getting a live person on the phone and not a voice mail. They should return your call soon after you request one. Finally, you should feel confident in their ability to do exactly what you need.
It’s important to research several note buyers and not fall into the trap of just going with the first one that seems okay. Be sure to check out their websites and take advantage of the free consultations. If you really want to simplify the process, just call on our real estate and mortgage note experts.