Posted by Buck on July 22, 2002 at 12:24:02:
The worst thing that can happen is that you write a bad note and can’t sell it.
If you are trying to write a note to sell at closing, you need to contact the lender. He will pre-approve the note and you will know to the penney how much you will receive. Otherwise, you may have a note where the buyer of the paper only pays 50% or less, if at all.