Posted by Mark-NC on February 08, 2000 at 12:49:26:
Yes, you can sell it but you will get very little for it.If all the stars are in line and your hororscope says this is a good day to sell seconds, You will be lucky to get 30 cents on the dollar for an unseasond second.
What are the numbers on the property? Maybe there is another way to help you. Also what are your intentions for the property?
Mark
Can I sell a second note? - Posted by rachel
Posted by rachel on February 08, 2000 at 12:00:29:
Hi! I’m trying to work out the financing on a property with a seller. I want to create two notes one should be sold at time of closing so that the seller gets some cash. The problem is the seller wants to carry only a first mortgage. Is it possible to sell a note that is a second, at the close of escrow?
Thanks to all!
Re: Can I sell a second note? - Posted by Bud Branstetter
Posted by Bud Branstetter on February 09, 2000 at 01:01:36:
Depending on the buyers credit a 90% note can be sold but most are 80% LTV’s. The faster the cash flow comes in(higher payment) the greater is the value to a note buyer. If you are the payor with good credit then you create a 60% first and a 30% second. That second can be sold. Give us more details or we are just guessing.