Posted by Michael Morrongiello on February 20, 2002 at 14:38:49:
Dickie:
What can you pay me for my 1999 Thunderbird out in the parking lot?(its nice and shiny)… Seriously, before any realistic assesement of what one would pay for a Real Estate instrument can be provided a lot of variables must be looked at;
Issues like:
Where is the property?, What is its current use? potential use?, zoning? what is already built out around the lot if anything?, What is known about the payors on the Note?, What was the lot sold with NO money down?, what is the payors credit like, their background?, their credit scores, etc.?
A competent Note buyer can quickly sort throught this maze of issues and formulate a realistic pay price for the Note you are holding, however you must work with that individual to assist them to assist you…
Otherwise, I’ll pay you $2,800.00 for your Note is the tyipcal response you will get from most folks. Now, Will You EVER CLOSE on the sale of your Note at that pricing threshold is the question?
To your success,
Michael Morrongiello