Posted by SCook85 on March 10, 1999 at 11:11:02:
Looks to me like you have a sweet deal there. I would buy that note even for the full face value but definitely would not offer that. A good deal is a good deal.
My concerns would be whether or not the note you are interested in is a second or a third or… Make sure the note is the first lien and then go to a title company and get the deal done. You just bought a property for $5000 or less at that point. You will have to beging foreclosure but it may be worth trying to restructure the note, get the payor making payments and then resell the note. Good luck with it.