Posted by Michael Morrongiello on January 09, 2002 at 22:42:31:
Not knowing where this home is located, This appears to be an higher end home (except for perhaps Calif.)
Using Notes as an aid to market properites more effectively and for top dollar really works, however it is NOT a replacement for other lending, its simply an adjunct.
A buyer for this $400K home will have to have decent financial wherewithal for any Note funder to get comfortable. This will be especially true on a New Note that will have no track record or a limited payment history established. I would suggest that the prospective buyer for such a home have a little stronger credit background and profile, along with stronger credit scores than what you are working with.
To your success,