How Soon Will I See My Money?
You can receive money in as little as two weeks, depending on how you respond to each step.
- You fill out the Note Information Form.
- We clarify whatever is not clear.
- We run your numbers through some formulas and a financial calculator, which tells us, among other things, the present value of your note.
- We call to inform you of what you might expect to receive for your note.
(We are not in a rush, but the value will change if you receive another payment before the next step.)
- You approve the amount.
- We post your report on an investors website, a nationally known and frequently consulted e-bulletin board.
Next, we will inform you of the bids we receive. If you like the figure, we will inform the investor and (s)he will send the necessary paperwork to proceed. The paperwork includes a list of needed documents, such as a copy of the note, pictures of the property and descriptions of the property that stands as collateral for the original loan that you made to the new owner. There will also be a contract stating that you and (s)he have agreed on a sale for the stipulated amount. Once the packet is together and all papers are signed, you send them back to Asset Conversions, so they can be returned to the investor.
Immediately (s)he will then send the correct documents to the escrow company you have chosen. That will usually be the company you used to legalize the transfer of the property to your buyer, for the closing costs will be cheaper for the investor. (A different escrow company may have to clear the title back to the original land grant. Your company goes back only to your sale.) The investor pays the closing costs.
You will then be sent a check from the escrow company where the investor has deposited the money that you and (s)he have agreed upon. That could be in as little as two weeks, depending on how quickly we work. That is all.
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