Need quick answer on promissory note.... - Posted by Charity

Posted by B.L.Renfrow on July 03, 2003 at 12:46:26:

…exactly as your attorney recommends!

If you draft this document using advice you got from strangers on an internet message board, well…don’t come to us when your agreement is found to be invalid down the road!

But in general, in addition to all the other verbage required in a promissory note, you’d say something like, " I agree to pay the sum of $10,000 upon and only upon sale or refinance of the referenced property. The timing of such sale or refinance shall be at sole discretion of borrower…"

But PLEASE don’t take my word for it. Get the advice of your attorney before you draft this.

BTW, nice job on your other subject-to. Wells Fargo has no seasoning requirement for your buyers?

Brian (NY)

Need quick answer on promissory note… - Posted by Charity

Posted by Charity on July 03, 2003 at 11:14:09:

I am buying another Sub2 house and we are agreeing to give the seller $10K whenever we cash the house out in a few years. How do I write this up on a Promissory note? Any wording suggestions?


BTW, we decided to retail our Sub2 we bought last week and got it under contract last night for $130K. We owe $101K and will close ASAP with these buyers thru Wells Fargo.


title seasoning - Posted by Kristine-CA

Posted by Kristine-CA on July 04, 2003 at 11:31:04:

Charity: I’m curious about the property that you took sub2 and already have under contract to sell. Are you expecting any title seasoning issues for your buyer? If you got the deed last week, won’t the buyer’s lender have issues? Even non-FHA loans are being affected by title seasoning issues.

Would you please let us know how it goes for your buyer? I’m curious about which lenders will not be scrutinizing title seasoning. Thanks.

Sincerely, Kristine