the owner was willing to hold a note so i could buy the property. then his lawyer told him he would not have a leg to stand on if i defaulted on the first mortgage but if i could sell the note for him he would do it and i was wondering how long he has to hold it before he can sell it
Seller can sell a Carry Back Note the next instant after he receives it. If he was using it to declare an "Installment Sale' and pay on the Principal as he received, he would now be in receipt of all of his gain. Usually sold at a discount depending on terms.
Need more info. I have sold a note to the seller, to an investor, right out of the Sale Escrow.
the owner was willing to hold a note so i could buy the property. then his lawyer told him he would not have a leg to stand on if i defaulted on the first mortgage but if i could sell the note for him he would do it and i was wondering how long he has to hold it before he can sell it
thanks
mark
Seller can sell a Carry Back Note the next instant after he receives it. If he was using it to declare an "Installment Sale' and pay on the Principal as he received, he would now be in receipt of all of his gain. Usually sold at a discount depending on terms.
check out: www.noteworld.com they have investors who buy purchase money notes such as this.
you can sell imediatly
What is the first mortgage at? What is the value of the property? Where is the property?
Thanks.