Note - Posted by Betty

Real Estate Investing
1

Posted by John Corey on March 16, 2006 at 02:30:12:

Betty,

You would be selling your note and the security for that note. In this case you are selling a land contract which is likely one document and represents the promise to pay. You would also be transferring the title to the property to the note buyer. If the borrower pays as promised the title then goes on to the borrower. If not the title goes to the buyer of the land contract.

Now, it is possible to sell less than 100% of the land contract. That might not apply in this situation if you really want to sell the full contact. I am just noting that it is possible.

If you want a specific quote for the note send me an email and we can review the details.

John Corey

2

Note - Posted by Betty

Posted by Betty on March 14, 2006 at 15:51:39:

My husband and I have a property that we have a mortgage on. We have land contracted it and would now like to sell it. Is this possible? Is this called selling the note? How does it work and how do I find someone who does this?
Thanks so much. Sorry, but we are totally unfamiliar with this.

3

Re: Note - Posted by Charles

Posted by Charles on March 14, 2006 at 22:46:32:

You would be selling your land contract. It would be purchaesd at a discount based on the yield and security.

There are benefits to both the note seller and the purchaser.

The seller receives cash for his position

The buyer increases his yield on his money

When all parties are fair and professional in these transactions, profits and problems are solved.

A note holder can sell all or part of their interest.

Can sell with an option to buy back.

There are many creative method to put together transactions.

Charles

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Re: Note - Posted by John Corey

Posted by John Corey on March 14, 2006 at 17:04:55:

Betty,

I have purchased such a note in the past. Yes, you would be selling your note or your contract that you hold.

There are a lot of variables involved. The borrower’s credit, payment history, original equity from the down payment, the length of time since the contract was created and the position of the note are a good start.

There is a cash flow forum on this site where there are more note buyers.

You can sell a full or partial interest in the note depending on what you want to accomplish. Post more details or send me a reply.

John Corey

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Re: Note - Posted by betty

Posted by betty on March 15, 2006 at 14:34:55:

Thank you so much for your reply. If you sell the note, you are basically selling your mortgage AND the land contract…is that correct? That’s what we’d like to do. I apologize, I don’t know why I find this so confusing. Just never dealt with it before and am completely unfamiliar with this process.