Posted by Jim Davis on February 04, 2000 at 20:01:54:
Paul you should go ahead and record the mortgages because it has no effect what you can get for the note with a little seasoning.
If there is a prior 1st on the house than that will hve to be paid off because you can’t have 2 1st liens on a house.
You could also just sell the note at the exact same close and be done with it.
The flipside of that is the note is worth less because there is no seasoning involved(the buyer’s credit also will play a big role in pricing).
Hope this hopes.