Sell My Note: We are often asked to explain the process of selling a note to American Equity Funding. I have streamlined the transaction into seven easy-to-follow steps:
Step one is to contact us via phone, fax, or email. During our initial contact, we will get to know each other and gather information. A form is also available on our website which can be filled out and sent electronically for your convenience.
Step two involves agreeing on a fair price for your note.
Step three includes signing a simple one-page agreement to purchase your note and gathering the necessary documentation for processing. This step can take from a few hours to a few days, depending upon how quickly the documents are returned to us.
Step four consists of underwriting the loan to ensure the title is clean, the value is at least the sales price, the payment record is good, and homeowners insurance is in place. There may be additional items depending on the transaction.
Step five ensures that all documents are in place and everything is approved in preparation for closing.
Step six comprises the closing. This can be arranged with a title company or in some cases, the documents may be sent directly to you for signature and notarization and returned by overnight mail. American Equity Funding pays for the cost of all documentation.
Step seven is receiving funding and the final phase of the transaction. The choice is yours to accept an overnight cashier’s check or a wire transfer.
The entire process can take from two to five weeks, based on the beginning package presented to American Equity Funding.
We look forward to working with you in the future!