Posted by John Behle on March 17, 1999 at 20:12:48:
The Board of Realtors, State Association of Realtors or an office supply store should have the forms. A title company or escrow company may have them too. Some real estate offices also keep a large collection or at least sample collection of forms.
Sample note - Posted by BAK
Posted by BAK on March 10, 1999 at 13:11:06:
I attended the convention. You, John, were extremely giving with your time and information. Thank you!
I just have a quick request. I’d like a model note to use that would be attractive to a note buyer using standard and/or simple language. I have two buying situations I’d like to use the note for:
Seller financing: where the note would be structured in such a way it could more readily be marketed by the seller after close. (Could use this as a selling point.)
Investor financing: Where the note would be sold to the note buyer as the full financing document for the purchase of the property at a LTV (80%, 70%, 50%, etc.) and rate of return (14%, 17%, 18%, ect.) the note-buying market would support.
Any suggestions where I could locate such a model? Just something to get started. Thanks in advance for your assistance.
Re: Sample note - Posted by John Behle
Posted by John Behle on March 12, 1999 at 20:43:35:
It’s very important to use your state forms or to at least be very sure if you are considering another form. The best be is to add clauses to your state form if needed. A buyer likes the forms they are familiar with and they know have been “tested” and proven in the courts. It would be a wise idea to take some of the local buyers to lunch in your area and get to know them and the resources they can provide.
Don’t modify or draft any legal forms without running them past a competent attorney (that knows real estate).
Re: Sample note - Posted by Frank Pluzdrak
Posted by Frank Pluzdrak on March 11, 1999 at 10:20:45:
John wrote an article Oct. 21, 1998 titled “Re: Average Note”. In the article he states, “The averages have changed a lot in the last few years. There is less of an average note now than ever before, but if I had to put numbers to it: Amount 15-30K Rate 7-10% Term usually 360/60 - 30 year amortization with a 5 year balloon. Average discount 20-35%. Default rate=2-5% Foreclosure rate = .01% Average position = 2nd. Now, with that said, there really isn’t much of an average and my specialty is in the odd and ugly notes.” Hope this helps. Check archives for more of the same. Just put in “John Behle” and then wait 90 seconds and you will see all that John has written on varies subjects.
Re: Sample note - Posted by Jim IL
Posted by Jim IL on March 15, 1999 at 18:51:35:
John,
Where can I find my “state” forms for Mortgage notes?
I haven’t a clue.
Thanks,
Jim