The single most common mistake that a note holder makes when creating a note is that they fail to check their buyers 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 buyers 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 shouldnt you?
The second benefit of checking your buyers credit score is what if you should ever 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 payers credit score! Your buyers credit score is...
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