buying and selling a REC - Posted by rjroybal

Posted by jan on January 30, 2001 at 22:01:37:

I am looking to buy the house I am renting.
The seller is motivated. He lives out of town.

This would be my jump into the low/no money down and
would save myself a fortune.

I am paying 1500 monthly rent and have poor credit.

How can I get the seller to finance or get cash out of the deal like I hear is being done?

Sure hope you can help.

buying and selling a REC - Posted by rjroybal

Posted by rjroybal on January 17, 2001 at 23:59:23:

I’ve run accross a note that a the owner wants to sell, get money out, what is a good start negotiating discount %. When she agrees to let me buy, how much can I sell it for to a buyer of paper, and where do I find a buyer. Background, the note is a seasoned note.

I’ve got a tiger by the tail… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on January 18, 2001 at 22:04:01:

Glad to hear you’ve found a possible note deal.

Pricing it is one step, actually processing it, closing it, and funding it are several other steps.

Property type, intital down payment, occupancy, what is known about the payors credit, employment, payment history to date, and the actual note repayment terms are all variable that will have to be taken into account to formulate a pricing that one can beleive in.

Feel free to contact me to discuss our level of interest and how we may help.

To your success,

Michael Morrongiello

Re: buying and selling a REC - Posted by David Butler

Posted by David Butler on January 18, 2001 at 14:30:24:

Hello RJ,

If you have the information, you can easily find the answer by using our FREE report, NOTE GRADING/PRICING GUIDELINES, at: http://notenetwork.com/at.cgi?a=118510&e=Reports/Note.Pricing.Guidelines.html

There will be some other parameters involved in moving contracts, but this matrix will put you in the ballpark, and get you pretty close to the front row :wink:

Once that is figured out, you can easily find a buyer for it through out FREE national NOTE LISTING SERVICE, at: http://notenetwork.com/at.cgi?a=118510&e=Noteservice/

Hope that helps, and best of luck.

David P. Butler