If you need money quickly but have exhausted all readily available cash sources, you may need to sell your mineral right quickly. Since you’re receiving a monthly royalty check from producing minerals, you think there may be a better way to get a lump sum.
Ultimately, you are wondering if you can quickly convert that monthly cash flow into a one-time cash payment to cure your current problem. The answer is yes, you can, and the value of your minerals is probably more than you would expect.
How to Sell Within a Few Days:
Depending on how fast you need the cash, you have several options. If you need the cash immediately your best option is to google any of a number of keywords such as “mineral buyers”, “sell my minerals”, or any of a number of other relative word groups you can come up with to get a list of prospective buyers and either email or call them and request an offer. There are many companies out there ready and willing to make a simple cash offer and close within a few days. There are also a few websites where you can list your minerals for sale such as Mineral Wise. Although we have never used sites like these, if you’re in a rush, they may be your best option.
How to Sell within 60 Days:
Should you not be in such a rush, our recommendation is that you contact an auction company. Here at Western Mineral, we would not sell our minerals any other way.
The auction company that we have used takes all available information and organizes it into an online data package which makes it easy for potential buyers to access and make an educated bid. They then post the information online for a few days prior to opening the bidding period. The bidders can set their parameters to start with a minimum bid and then increase their bid automatically as necessary up to a set maximum which insures that the seller will receive the best price possible. The seller can also set a minimum acceptable bid and if the bid process doesn’t result in one, then the seller isn’t required to sell.
Commissions start at 10% for the first $100,000 and scale down to less than half of that. We find it hard to believe that with multiple qualified bidders bidding in an auction environment that you won’t maximize what you sell for and for that reason would not sell otherwise. All told, from submission to actual payment, the process usually takes less than 60 days.
If you’d like more information on selling your mineral rights quickly, contact Western Mineral today.