Need Advice - Have Buyer For Mortgage Note, Now What?
Hello,
We purchased a discounted mortgage note from a bank, the bank has not prepared the assignment as of yet, but we have found a buyer that we would like to flip the mortgage note to. Can I have the bank just assign the mortgage note to this new buyer or do i have to record the mortgage in our name first before I can sell to new buyer.
Also, would appreciate next steps in regards to drawing up contract etc.?
Anyone out there like to share their advice?
Sincerely,
Dare2dream
I also would like to know the answer to this!
My first impulse would be to call and ask the bank how they want to handle it, but I want to see what the
experts here say.
[addsig]
Hello Lisa,
I would suggest visiting a local RE club. Look in the paper, ask on this site, etc. Search for them and present yourself to the individuals there. Some will be "real" investors that are actively working, others are flys on the wall, and there are those in between.
You can also call "I / We Buy Houses" ads in the paper and present yourself. Some folks will be helpful, some not. You do have to educate yourself, but no one I know will turn away a deal you would bring them if it makes sense. Just make sure you get things written and signed and feel around for the people you would be comfortable around. Not all investors are the nicest, most friendly or helpful. But you just may find someone who would take you under their wing per-say and teach you / allow you to learn from them.
Hope this helps.
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http://www. ***DELETE***[ Edited by JohnLocke on Date 09/20/2006 ]
Cheaper to leave in the first home, if the option is have an 80 20 on an investment, as i understand it now.
Thank you for your responses.
A second home would probably get a lower monthly mortgage payment if it had its own first mortgage. Even if you have a fixed rate equity line, the interest rate is higher than you would get for a first mortgage and the amortization schedule is shorter than what would be available with a first mortgage.
Refinancing your second home to purchase an investment property does not give you as good a tax deduction as you would get if the investment property had its own financing. Better to buy your investment property with its own mortgage and make sure each investment property supports itself.