Posted by Jasonrei on August 10, 2003 at 19:34:38:
As far as I know selling on a note is not something you want to do. Sales can be faster, but note buyers will typically only go 70-80% LTV and desired yields will be 9-20+%.
I had a house that wasn’t moving and I considered using a note, but my net was too low. I accepted a much lower price for it on a conventional sale, and my net was still higher.
Selling Notes Advantages - Posted by Demetrius
Posted by Demetrius on August 10, 2003 at 09:38:17:
In order for me to sale on a note, what is the FICO score required for my buyer.I can get 95% financing with FICO scores of 560 with my broker on nonconforming. What are the advantages on creating and selling on a note.Is it faster? Thanks Demetrius
Re: Selling Notes Advantages - Posted by jeff thomas
Posted by jeff thomas on August 17, 2003 at 16:22:47:
Much lower than 560 and the discount rate will go up dramatically on your note. 95% LTV is a higher risk for the investor buying the note. However,There are several ways to structure the purchase of your note to maximize the amount you receive for it. Consult with note brokers before the sale and see what they can offer. If you are still considering this option send me an email pbj31@charter.net