Posted by Terry (Houston) on March 22, 2001 at 03:26:56:
You do bring up some interseting points.
the info I was giving, again comes fom my broker. This is information she has given me so that I can cash out as quick as I WANT to. I have also been given this same direction from several note brokers. And that is document document document because alot of buyers will not. I am currently doing L/O on the selling end after holding the property for a while so we have to document for their sake. But the same direction has been given for where I am selling on CFD.
Is it our fault? No. But I made the promise to go a step above and these were ideas that were given to me by the people that will cash me out. So to answer your question “Would YOU accept that if YOU were lending YOUR money out?” must be yes.
One thought would also be if you are making the copies from the beginning you would not have the knowledge that you have a deadbeat tennant because you would be starting on a good note. They gave money they have not missed payments, you have thoroughly checked them out etc…
If my copies showed up in the middle of the term, well that might be fishy. On a deal that I did CFD the guy gave me $10k in CASH down. He has paid with cashier checks since then. This was my first CFD. after a few months I went to a couple of note brokers and they all said the same thing, “Where is your documentation on the deposits?” After setteling with one note person I am very comfortable with the direction given.
Just my thoughts.
Have a great one.