Need Help! Creating My Note
I found this property that the owner will owner finance to me, here is the details of the sell to me.
property value: 50,000
selling price:29,000
monthly payment: 250.00 until paid off
I want to resell this property with owner financing, say for 50,000 at 10% interest over a period of 360 months with a down payment of 7%, could I possibly sell this note to pay of the existing loan of 29,000 that is still owed on this property. if so how would I structure it. (apexnotes and any others with wise advice please help me out)
thanks,
Cleo
Apex,
What do you mean cleo would have to hold the note in order for someone to purchase it?
Most note brokers/investors check the public records. In J-Ville I guess it would be Duval County Clerk of Court
A small ad in the Florida Times Union that says "We buy 1st Mortgage notes" or something to that effect may suffice.
But, be careful. There has been so much mortgage fraud here (many properties appraised and mortgaged at twice their value) that you need to be SURE of the underlying value of your collateral.
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Happiness is: Buy low, sell high, collect early and pay late.[ Edited by bargain76 on Date 07/07/2006 ]
bargain76
Where in J-Ville do you think there is a problem?
I have not had much success finding note holders via newspaper ads - direct mailings (postcards, newsletters and direct marketing (phone) have been much more effective. When I ran my newspaper ad, I spent a lot of time explaining to people that they could not sell me their own MORTGAGE, even though the language was as clear as I could make it.
I had a different impression of Jacksonville.
What do you think of all the new construction going on there?
Evernova Funding will fund real estate investors.
Yup like anything else in life ..risk and rewards..
I looked at that site six months ago. I looked again just now and the same half beat losers are still beggin for chump change six months later! WTF? Are these c suckers serious? I think this has to be the greatest scam ever.
On the site they tell you what will happen.
"What happens if one of my loans is written off?
Loans that are written off as uncollectable are offered for sale at an auction to a selected group of debt collection companies that are in the business of purchasing defaulted loans. Since you were the owner of the loan, you will receive all of the proceeds from the sale of your loan to a debt buyer. Because the debt is already fairly old by the time it reaches the debt buyer, you should not expect to receive much of your original investment in return for the outstanding debt."
I my guess you can expect to get about 5 cents on the $.