Selling Land Contracts

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Does anyone know where I might find statues or laws or information regarding selling my land contract to a bank? Someone told me that doing this required a license and I cannot see how.

Comments(5)

  • michiganguru31st May, 2005

    Greetings Commercial King!

    I read your post and email. What if there was an exception to the rule and you had a bank that was interested in buying them ... would the note fall under respa guidelines because it ends up at a bank? If so, what if you sold it to a third party that sold it to a bank, would that make it a secondary market transaction where respa would not apply?

    The reason I ask is because I have a couple notes and was told from a tax lien investor that it is possible to sell notes at a premium if they are high quality notes. The premium being face value plus deeply discounted interest, say face value plus 10%. Example, 100,000 note at 6% interest is actually worth approximately 280,000. So selling this note for 110,000 even would be the idea.

    I appreciate your time.

  • cjmazur2nd June, 2005

    getting from a 7.41 cap to greater than 10, seems like alot of movement / negotiation.

  • bentztozer2nd June, 2005

    [ Edited by bentztozer on Date 08/07/2006 ]

  • j29gar3rd June, 2005

    email me **Please See My Profile**
    help is on the way

  • karensilver3rd June, 2005

    Tell the title company that you need seperate huds

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