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Sell my note – payment history

Sell My Note – Payment History

We are just about to close a note deal here at The Texas Note Company that I wanted to share some of the details with you.  A note holder in North Texas up around Dallas called and wanted to sell his note, that was secured by three land lots.  For the sake of argument we will call the note holder/owner Chris.  I told Chris that in order to sell his note and get a good accurate quote I would need him to fax me the following documents:
    ® Note Document
    ® Deed of Trust
    ® Warranty Deed
    ® Settlement Statement
    ® Payment History

Chris was able to provide all of the documents above except the payment history.  I was able to provide Chris a good quote on his note which he accepted.  We were off to a quick start, the deal could be closed if we could validate the payment history on the note.  Here are the details of the note and the offer:

Interest Rate – 10.00
Term – 168 months
Payments Made – 36
Balance – $39,831.96
Monthly Payment – $498.69
Offer – $29,634.97 & Keep Feb payment

This is the amount that Chris was looking for and he wanted to proceed with the sale.  I told Chris that all I would need to close the deal was pictures of the property and a bank statement to verify the payment history.  The pictures he was able to provide to me right away.  The payment history, this is where we ran into trouble.  Chris’s business is a cash business he fixes and sells cars.  The payor, a friend of Chris’s, on the note runs a wrecker service with several different trucks, also a cash business.  Every month on the 1st the payor would pay Chris in cash, never missed a payment according to Chris.  I said no problem Chris just get your bank statement and highlight the deposit each month for $498.69.  Chris then proceeded to tell me that his cash payments on the note were deposited along with his receivables from his business, meaning there was no way to verify the payments of $498.69.  This poses a big problem as most investors would not go near this note without verifying the payments.

Fortunately we were able to purchase the note because we are familiar with the area the note is in and we based our decision on the payor’s credit report.  He had a good score, above 600, but also we were able to see the loan’s that the payor had on his trucks used to operate his wrecking business.  Two loans not one missed payment and each payment was made on time.  This was enough for us to go ahead with the deal.

Chris learned a valuable lesson in the world of real estate notes, keep his note transactions separate from all other matters and keep verifiable detailed records of the transactions.  The Texas Note Company suggests the following step if you are going to carry paper on a real estate transaction • Establish a separate bank account for the note’s transactions
• Determine if the payor is willing to set up payments auto deduct from their payment account into your note account
• Create a log to track the payments received with a date
• Provide the payor a receipt for each payment and a carbon copy for you.

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