Posted by housebuyer on November 25, 1999 at 14:03:08:
Yes the note CAN be sold at discount. Assuming I am interpreting your numbers correctly, it would take a HUGE discount to move this note. So I guess the answer changes to ?No you really can?t expect this note to sell.? However I have been wrong in the past and I just might be wrong this time.
Might I suggest that you hope on over to the Cash Flow Q & A Forum, you?ll probably get a better answer there.
. This is a skinny deal… Where is your profit?
In a case like you outlined I would not even consider giving the seller all his 12K equity up front.
Think about a L/O or L/P.
Tell us more about the situation. How motivated is this seller? Nail down the numbers on the first mortgage. Call the seller and talk. You don?t have to go through the agent to ask questions.