The #1 Biggest Mistake Real Estate Note Holders Make.
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The single most common mistake that a note holder makes when
creating a note is they check their buyer's Credit Report. It
seems so simple, but it is worth repeating "Most people fail to
check the credit report of their prospective buyers!!" Can you
believe this? Just by doing this one simple step can save you a
bunch of money now and in the future.
How so? First and foremost by checking your potential buyers
credit score can help resolve your worries of your buyer's
ability to repay their future debt to you. Heck, I don't know of
any bank that would not check the credit score of any one of
their customers seeking a mortgage. So why shouldn't you?
The second benefit of checking your buyer's credit score is what
if you should ever
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decide to ever sell your real estate note,
trust deed, or owner financed mortgage for all cash? By knowing
your buyers credit score would not only benefit you now, but it
would also make your real estate note more valuable in the
future.
Here's why. The first thing a promissory note buyer/investor is
going to require to sell your note is your payer's credit score!
Your buyer's credit score is paramount to how much money you
will ultimately receive for your real estate note. Of course the
higher the credit score the less risky it is to a perspective
promissory note buyer, thus making your note more valuable to
them and ultimately you.
So, just what is an acceptable credit score concerning a real
estate note? That is entirely up to
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you, but if it was my note I
would not accept a score of less than a 550. The credit score
counts for 40 percent of a total of 100 percent in rating your
real estate notes value. So whether you are creating or selling
your real estate note it pays to get your buyers credit score in
more ways than one.
About the author:
Robert Pomerleau has been around Real Estate for over 20 years.
I have built, remodeled, repaired, flipped houses, and
sub-divided raw land. I have taken numerous real estate
investing courses and as my love for real estate and the
internet grew, I wanted to take it to the next level. So I
started Fast Cash Funding in 2002 in helping people like you to
create and sell their owner financed mortgages or trust deeds.
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