Posted by Michael Morrongiello on February 16, 2002 at 22:13:57:
Its sounds like there is some proverbial “meat on the bone” here…As a buyer of Land Contract paper and other Real Estate secured instruments, yes there would have to be a formal evaluation of the Real Estate collateral done to ascertain what the true FMV of this property is worth that you would seeking a Note funder (like ourselves or others) to purchase.
The other issues in no particular order that will come into play are as follows:
Your occupancy?, Your down payment?, your credit background and profile?, your credit scores?, your employment?, alternative means of repayment?, the location, condition, and repairs required?, and finally the repayment terms of the Land contract, etc.
It will be the dynamic interaction of these variables that will allow the creative Note purchaser to assist you in putting together this deal.
To your success,