Posted by Stacy (AZ) on January 11, 1999 at 12:10:20:
You will probably get the best deal if you can find a local note buyer. Look in the real estate finance section of your local Sunday paper.
Failing this, you can post your note for free on one of the internet note sites, such as America’s Note Network:
It would be best if you didn’t mention the minimum amount for which you would be willing to sell. Also, once you start working with an interested buyer or two, ask them how to structure the note so it’s worth more. For example, balloon or not, short term vs. long, interest rate, Loan To Value requirements, etc.
Posted by Dave Hallam on January 11, 1999 at 11:53:27:
I am in the process of selling a piece of property and will probably take back a second mortgage worth about $6,000. I want to sell this quickly and am willing to take $3,000 for it. Any ideas on how to find a buyer for a deal like this.
You don’t say that this is a SFR or land. Either way you are not likely to get much if anything from it nationally. Notebuyers are looking for max 85% LTV/ITV on seconds. Try trading it for equity in another property. Let it age and let some equity build up in the property.
Posted by Kim Peters on January 11, 1999 at 13:26:02:
Be careful with ANN (note buyers) since you get a ton of runaround from wannabee’s trying to act as middlemen with no clue as to what they’re doing. Better to ask local mortgage companies in your areas if they know of any note buyers they can refer you to. Start to network with same.