Inform your existing Note Payor, after you have accepted a cash-purchase-quotation and due diligence is accepted, that you intend to sell your Promissory Note of which he is the payor.
A seller is not a financial institution and therefore won't usually agree to enter into a thirty-year loan or land contract. Now you think all note investors and brokers and the whole note buying industry is sleazy, unethical, unprofessional and worthless.
However, in a seller's market, as we had prior to 2004-2005, a buyer would most likely not be able to use this contingency as easily because of fewer homes on the market and more buyers for the seller to chose from. Real estate notes can be used as collateral if the property is owned outright or if there is sufficient equity that can be borrowed against. Below is a list some of some year end deductions.
However, in a seller's market, as we had prior to 2004-2005, a buyer would most likely not be able to use this contingency as easily because of fewer homes on the market and more buyers for the seller to chose from. What would be your situation. Would it be worth that to recover a good share of the money you have spent for however long the two of you have owned the home.
That bit of information was a legitimate deal breaker since it was a "material fact" that the seller or realtor should have known and disclosed, even in an "as is" sale.
What would be your situation. You are not an employee.
com: What is a Quitclaim Deed. These homes are referred to as comparables or comps.
Sometimes, the seller will require it to be written to their agent's company.
