HUH?, An owner finance note would be marketable - Posted by Michael Morrongiello
Posted by Michael Morrongiello on May 18, 2000 at 23:44:32:
I must respectfully disagree with some of the other comments here. Sure the fact that she does not file tax returns is a concern here and one that she should Right quickly before the IRS catches up with her. Your NEVER should try to “flip off” the IRS, however if you find a MOTIVATED and flexible seller that will consider owner financing, either by taking back a 1st lien only, or a 1st lien and a 2nd lien as well, where the 1st lien can be converted into cash either at the time of closing or shortly thereafter.
Depending on What the note interest rates would be ? (11% -12% range is recommended) A 10% +/- discount off the note balance will probably work.
As far as the IRS is concerned, as long as there is currently NO tax lien filed of record, the seller held purchase money mortgage would be insurable from a title insurance standpoint.
With that amount of cash down (documented of course), and the right conservative LTV % for the 1st lien note that would be offered for sale, I would have interest in that seller financed 1st lien note.
To your success,