Posted by Bill H on July 08, 2003 at 11:37:24:
George:
Looks like you got all the hard work done. Go have your attorney draw up a simple contract that says you are buying a note secured by a deed of trust of same date, recoreded xxx date in xxx county.
You get note, have it endorsed over to you. Deed of trust. He get the $$$ and you are done.
Should be something your attorney can handle for a mimimal (HA HA) amount!
Good luck,
Bill H
help with note discount - Posted by George
Posted by George on July 07, 2003 at 20:43:14:
I have been investing for a couple of years, all vanilla stuff. I have a deal now that i need to get a discount on a 2nd to make it work (foreclosure). I briefly talked to the private note holder and he is interested in discounting. The problem is i have never got someone to discount before and not exactly sure how to write it up. Yes i will go see a lawyer. I hear you guys talk about this alot. Anyone have a doc for this? Or can you tell me what language you use for this? Thanks!!
Re: help with note discount - Posted by Bill H
Posted by Bill H on July 07, 2003 at 21:05:37:
George:
Give us a bit more info:
Who is foreclosing, 1st, 2nd, 3rd. etc.?
Is there equity in the deal?
Other than the fact the “you” need a discount on the 2nd to make the deal work…why do you think the 2nd should discount?
Help us help you.
=========>bill
Re: help with note discount - Posted by George
Posted by George on July 07, 2003 at 23:48:50:
Actually the only part i need a little proding along with is writing up the discount. Haven’t had someone do that before and not sure of the paperwork for that part.
First is foreclosing and about 70k will catch everything up and all fees. Private 2nd told me he would probably take a couple of thousand. (19k note) No hard number but he would be glad just to get a few bucks. Property should be worth around 120-125k with 3k of work.