Want freedom from collecting payments for the next 10, 20, or even 30 years? Prefer a lump sum of cash today?
If you sold property with seller financing chances are you’ve wondered about selling your MIchigan Land Contract. Here’s how to sell a Michigan Land Contract, a mortgage note, or a trust deed in 7 easy steps.
Step #1 – Request a Quote
Just complete a short informational worksheet to receive a free no-obligationMichigan Land Contract quote. This can be submitted online, by fax, or over the phone.
Step #2 – Provide Document Copies
To get started Land Contract buyers like to see copies of these three documents:
- Settlement Statement
- Promissory Note (if part of the transaction)
- Land Contract, Mortgage, or Trust Deed
It is also a good time to be sure you know where the originals are located, especially the Land Contract and/or Promissory Note, as they will be requested at closing.
Step #3 – Accept Offer & Agreement
Once an offer is accepted it will be outlined in a written agreement. In addition to stating the price, the agreement will specify conditions of closing and who pays costs.
Step #4 – Contract Buyer Review
The Land Contract buyer will perform a detailed review of the transaction, known as due diligence. This includes a review of the buyer’s credit, current tax and insurance status, payer interview, and other important items. They may also request copies of additional documents including payment history, insurance policy, and existing title report.
Step #5 – Appraisal
The Land Contract investor will order an evaluation of the current property value. This usually takes the form of a Broker’s Price Opinion (BPO) or Drive-by Appraisal. The investor wants to be sure the property value is still equal to or greater than the sales price. If the value comes in low, the investor may present a revised offer for consideration.
Step #6 – Title Search
The title search verifies ownership of the property and the Land Contract. It saves time and money to work with any title report that might exist from the original sale date. If the title search shows money is still owed on a prior mortgage it will usually be paid from proceeds.
Step #7 – Closing
When all steps are complete the contract buyer will send the final closing documents for signature. The title company is often used to handle the exchange of money for the original note, Land Contract, and transfer documents. Funds are typically paid in the form of a wire transfer or cashier’s check. You are also encouraged to have your attorney review and advise with the closing process.
Patriot Funding Is Here to Help You Sell Your Michigan Land Contract!
Selling your Michigan Land Contract can be a simple process when you work with an experienced contract buyer. Just take a few minutes up front to gather your information and documents and we will handle the rest for you!