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Selling a Real Estate Note, Is your Real Estate Note Saleable?
whether the note is what they want to buy if it meets the criteria they are looking for in a note purchase.
There are, however, a few basics that all or most note buyers look for. First,the note must be secured by legal means. Understand, the note iteslf is not legally binding to the payor unless it has been filed at the county court house.
A mortgage is then created that legally connects the real estate note to the property. This means that if the Payor (the person sending you payments on the note) ceases payments the note is still secured by the real estate. What that means is you could recieve payments for say, three years, but then the payments stop coming...
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