For Sale By Owner Question
I am currently selling a home that was for sale by owner. I no longer want to service the loan personally. i was told that some banks and finance companies will actually pick up the loan. does anyone have any information or personal knowledge on this subject?
You can sell the note, depending on what the equity in the house is and the buyers credit score. If the credit score is above 650 you will only take marginally less than what the note is for, above 600 is workable though. Any less than 600 and you will start to make major amounts off of what they will pay. Make sure you can document the down payment, and know what your buyers credit score is. From there any note buyer will tell you exactly what they will pay. Incidentally there are a lot of private note buyers out there that will handle your note as well.
Good Luck,
Kyle