Frequently Asked Questions
Why should I sell my note?There are numerous reasons why people sell their mortgage notes to The Polk County Note Buyer. Many are tired of collecting payments, insurance liabilities, or face the possibility of foreclosure. Others sell their mortgage note, trust deed or land contract for personal reasons such as to buy a new home, car or boat, pay off debt, to use for investments, pay tuition, pay medical bills or to travel. Most have just grown tired of collecting the payments. Back to TopHow much should I expect for my note?There are many variables that we consider before giving you a quote. You should become familiar with the factors that affect the value of your note. Email us or fill out the quote request form. Back to TopHow long does it take to close?Generally, it takes 2 - 3 weeks to close on a real estate note from the time we receive all the required documents. A title report and an appraisal are ordered, which are what take the longest. Back to TopHow long does it take to get my money?Your money will be sent upon closing or shortly after. Remember that it generally takes 2 - 3 weeks to close.Back to TopHow do I receive my money?Your funds will be disbursed to you either by certified check from the closing/escrow agent or, if you choose, they can be wired directly to your bank account. The closing can be done via overnight mail or in person at a title agency of your choice.Back to TopWho pays the closing costs?Sometimes we pay closing costs and sometimes the Noteholder does. Every transaction is different. You can always tell us if you prefer us to pay closing costs and we will make an offer accordingly. Back to TopIs there a maximum or minimum size note that you buy?No, we have minimum or maximums. We purchase notes of any size or dollar amount.Back to TopDo you lend money?No, we do not lend money. We only purchase receivables (notes) secured by real estate. Back to TopDo you charge for providing a quote?No, providing a quote is completely free. You can contact us or fill out the online quote request form.Back to TopI'm concerned about confidentiality, what shall I do?You should always be concerned about confidentiality. Your private financial information will be kept private. Please read our Privacy Policy.Back to TopDo you buy bank notes?Yes, we buy portfolios of notes from financial institutions, performing and non-performing.Back to TopHow can I make sure that I'm getting a fair price for my note?Unlike the primary mortgage market (mortgage companies and banks) where you know exactly the interest rate and costs involved, the secondary market (that's us) establishes offers based on a different set of rules.Due to the high risk involved with these transactions, there is always a discount on the face value of the mortgage. The size of the discount will depend on a variety of factors, most of whom are described here. Back to TopDo you buy Business Notes?Sometimes we pay closing costs and sometimes the Noteholder does. Every transaction is different. You can always tell us if you prefer us to pay closing costs and we will make an offer accordingly.Back to TopI have a few more questions. How do I reach you?Should you have any other questions not answered here, please do not hesitate to contact us.Back to Top |
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