Send me the information on the Atlanta GA short sales. I f they meet my criteria, my partner and I are interested. **Please See My Profile**
Home must have a CMV of $200K or more as is w/o repairs.
Homeowner has a verifiable hardship that prevents them from paying their mortgages(s).
Homeowner is behind at least two mortgage payments.
Listings has not had any offers ( any offers in the last 6 months).
Homeowner and agent agree to work with us to buy their home.
We are cash buyers with Proof of Funds provided to you for your client. We buy subject to short sale. We do all of the work, processes and negotiate the sale.
We do not at this time work with buying agents.
[ Edited by cdnsi on Date 04/23/2011 ][ Edited by bargain76 on Date 04/23/2011 ]
In most larger markets there are usually people who buy notes but they usually want a high rate of return (10%-20%+) and they want the note borrower to have made some payments before they buy it. The more risk and unknowns, the less they will pay.
They also usually are looking to buy smaller notes. For example, they would rather buy 10-$20,000 notes on ten properties than 1-$200,000 note to spread out the risk.
You can get a free note quote from a company like Boston Note (http://www.bostonnote.com/notequote.htm) to get a feel for what they would pay. You will need to fill out their form with all the information on the buyer and the property. I put in the comments section "this is a pending transaction" as a courtesy since I do not necessarily have the note.
Chet is right on. The note market is not good for sellers of notes like yours. Since this site is the creative investor... one alternative is to make a 20/40/40 and sell the first, keep the second. You will get a better cash value on the 40% first. Balloon both the notes, but allow a shorter amortization on the second to make it more marketable in the event that the note market rebounds in a few years....
Thanks for sharing this thread with us. Keep it up.
Send me the information on the Atlanta GA short sales. I f they meet my criteria, my partner and I are interested. **Please See My Profile**
Home must have a CMV of $200K or more as is w/o repairs.
Homeowner has a verifiable hardship that prevents them from paying their mortgages(s).
Homeowner is behind at least two mortgage payments.
Listings has not had any offers ( any offers in the last 6 months).
Homeowner and agent agree to work with us to buy their home.
We are cash buyers with Proof of Funds provided to you for your client. We buy subject to short sale. We do all of the work, processes and negotiate the sale.
We do not at this time work with buying agents.
[ Edited by cdnsi on Date 04/23/2011 ][ Edited by bargain76 on Date 04/23/2011 ]
In most larger markets there are usually people who buy notes but they usually want a high rate of return (10%-20%+) and they want the note borrower to have made some payments before they buy it. The more risk and unknowns, the less they will pay.
They also usually are looking to buy smaller notes. For example, they would rather buy 10-$20,000 notes on ten properties than 1-$200,000 note to spread out the risk.
You can get a free note quote from a company like Boston Note (http://www.bostonnote.com/notequote.htm) to get a feel for what they would pay. You will need to fill out their form with all the information on the buyer and the property. I put in the comments section "this is a pending transaction" as a courtesy since I do not necessarily have the note.
Be aware of the discount the note buyer is going to want due to the rich of an iffy borrower.
thinks like:
property type
location
how old the mortgage is (seasoning)
etc.
can cause the quote to vary.
thanks for the notes and ideas
Chet is right on. The note market is not good for sellers of notes like yours. Since this site is the creative investor... one alternative is to make a 20/40/40 and sell the first, keep the second. You will get a better cash value on the 40% first. Balloon both the notes, but allow a shorter amortization on the second to make it more marketable in the event that the note market rebounds in a few years....
I am not much into buying notes due to risks it have and it is like spending lot of money which is actually not that good to do.