Posted by Kristine Poe on June 04, 2000 at 11:37:58:
Robert–I had many similar questions that were answered in the posts below: “Selling my notes–how does it work?” I have talked with individual note buyers who don’t care about interest. But none of them will cash you out all the way. I have checked out the note buying firms advertised on the home page of CREonline and it appears to me that interest makes a difference to them. Also, looks they will pay a much better rate for seasoned notes. I don’t have any experience with selling a note yet, so my two cents is just my own research.
First of all, thanx to everybody that takes the time to answer the questions in this group…My question is…What can I do when I create a MH note to make it easier to sell?..Does the interest rate matter much to an investor on these small deals?..Does the term need to be as short as possible (24-30 mo?)…The deal that I’m working on now is a 84’ 2/1 14x66 that I’m getting for $2500 moved and set in an seniors’ park…The buyer can afford $300/mo and doesn’t care about the term really…Its for her mother and the daughter/ step-son have good credit…I was thinking about making the term 24 months @ $300/mo @ 0% with $500 down…That would come out to $7,700 sales price including the down payment…How could I make such a note more attractive to an investor and what would be a good price to quote to them?..Thanks for all replies!