Posted by John E. Brieske Broker on August 19, 2002 at 15:13:03:
Looking for a private buyer for a small structured settlement.
Off the wall? Would appreciate feedback. - Posted by RobertR CO
Posted by RobertR CO on July 10, 2001 at 20:42:21:
I am working with a real estate agent referred to me. His seller is selling a mobile home on land, not on a foundation. They had a contract for $105,000 with an appraisal for that amount. FHA will not make the loan since the home has been moved once in addition to its move to the present lot. Not much conventional financing can be found right now.
I would buy the home/lot for $50,000 cash or less. My plan is to resell, create a note with 5-10% down at a sales price of $100,000 or maybe less. I may be lucky to get even 5% down. I may want to sell the note. Are there buyers for such an animal? At what discount? I know you need to know the note length and interest. What are these kind of note buyers looking for so we can minimize the discount? Besides just high interest rate and short term. How short? Balloon?
Have I asked too much? With too little detail?
Any feedback is appreciated.
Cordially, RobertR
Homerun waiting to happen - Posted by NCPaul
Posted by NCPaul on July 11, 2001 at 06:48:43:
If you have a buyer, run with it! A note sale would probably be easy to do. I say that because there are traditional sub-prime lenders who will loan money on that property so a private note-buyer, who is generally able to be a bit more flexable in many ways, should have no trouble. This of course depends on your buyer! Note buyers aren’t looking to throw their money away on a dead horse any faster than a traditional lender. If you are looking to flip the property, which sounds like a good option here, then a note sale would be a good bet since note buyers don’t usually have any problems with seasoning of the property like a traditional lender. (Most lenders want the seller on title for 12 months to avoid financing a flipped property with an inflated value.) Good luck,
Paul