If you’re in MI (especially Metro Detroit), when it comes to unsecured promissory notes, there are two things to keep in mind: Its current value and its future value.
If you are considering selling an unsecured promissory note in Metro Detroit, the first thing you need to do is determine its current value or market value (that is: the value it will can be sold for “in the market”).
This is a pretty simple process really. All you need to do is contact a few professional companies that deal regularly with such investments as unsecured promissory notes, private mortgages, and real estate notes like 3D Property Solutions.
Speak with a few investment counselors about what the current and potential future value of your unsecured promissory note is and what factors could affect its value – such as whether the interest rate is likely to go up, go down, or stay the same.
Calculating the value of your note
When you reach out to a local MI investment professional, they will evaluate several factors about your unsecured promissory note before making an offer.
One of the first things they’ll look at is the type of debt involved.
For instance, unsecured debt might include credit card balances, student loans, medical bills, rent expenses, or any other debt that isn’t tied to physical assets like real estate or vehicles. Because these debts aren’t backed by collateral, there’s more risk for the note holder. This increased risk can reduce the overall market value of the note to potential buyers.
Take, for example, a $10,000 credit card debt that someone owes. Since there’s no property securing this debt, an investor might view it as riskier compared to a secured note, like a mortgage. As a result, the investor may offer less for the unsecured note because they’re taking on more risk.
However, even though unsecured promissory notes might have a lower market value than secured notes, such as real estate notes or private mortgages, they still hold value. For instance, your unsecured promissory note in Metro Detroit, MI can be sold to a collection agency or other investors for cash. This means you can still convert your note into immediate funds, even without any assets backing it
Selling an unsecured promissory note in Metro Detroit
Before you sell your unsecured promissory note to just anyone, it’s a good idea to check with a number of different potential MI note buyers. Not all collection agencies and investors will give you the same deal. Some will pay you a higher percentage for your unsecured promissory note in Metro Detroit than others.
You may even be able to bundle several unsecured promissory notes together to get the best possible deal. See if the company you are dealing with will pay you a higher rate for a larger bundle of unsecured debt.
It’s worthwhile to pay close attention to the terms given to you by the buyer of your unsecured promissory note. Before you sign on the dotted line, make sure you understand all of your obligations and exactly what you get in return for selling your unsecured promissory note. Here at 3D Property Solutions we have a policy for full transparency and are glad to walk you through every aspect of the process, or method of deciding the current value of the note, and to answer any questions you have.
If you’d like to get a free offer on your note, contact 3D Property Solutions today at (248) 949-1224.
Selling an unsecured promissory note in Metro Detroit has never been easier!
If you are interested in learning more your options for selling your unsecured promissory note in Metro Detroit, call us at (248) 949-1224 or click here to visit our website so you can learn more about your options.