Posted by Michael Morrongiello American Note on December 09, 1999 at 22:48:14:
YES it is possible to structured a seller financed note that can be sold either right at the time of closing and converted into cash or shortly thereafter.
The KEY to putting these deals together is locate FLEXIBLE MOTIVATED property sellers who are open to getting a significant amount of cash for the equity they may have in their property but who also don’t need ALL of their equity out in immediate cash at one time.
If you are to be the payor on the note and your credit background is blemished then that certainly will have some impact from a risk standpoint a prudent note funder would be willing to advance based upon the other fundamentals in the transaction (you cash down payment or funds at risk, your employment stability, the propertys condition and value, etc.)
Try to re-establish your credit and continue to look at and find motivated property sellers. They are out there and if we can’t get comfortable with you as the payor at the very least you may be able to assist the seller to move his property to some other better qualifed buyer and make some cash in the interim by putting the deal together.
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