Posted by Michael Morrongiello on January 21, 2001 at 21:19:07:
Many note or land contract holders are guilty of not keeping the most meticulous records. IF a buyer comes along with a nice shiny pickup truck, has some cash to put down towards one of their homes, often the seller WILL agree to finance them.
We encounter this scenario all the time and the best approach I have found is to simply get from the contract holder the relevant documentation (land contracts, confirmation of the actual property addresese, etc.)and do some of the legwork yourself. If the property is local to you, go out and look at it, see what its condition, upkeep, and location are like? Also make sure he/she understands the importance of copying the next payment or installment coming due.
With a little luck we can still get credit information on these payors even without their SS# information and then effectively price the cash value we would pay for the contracts. Now you can go back to the contract seller and negotiate a sales price for the (4) four land contracts building a fee for yourself when they are sold.
Trying to approach the payors to refinance lets the “cat out of the bag” and make actually backfire against you as the payors attempt to cut their own deal with the contract payee. IT also is filled with uncertainty as each payor on the contract may not be in a position to refinance, nor want to, or simply not want to take that on with your timetable (read PROCRASTNATION)
If you need assistance in this area, please feel to contact me.
To your success,