Promissary Note Sale Informtion
I was wondering if anyone can give me an idea what promissary notes sell for. I am looking to sell on for $100,000.00 and would like to know what kind of an offer would be fair to short sell. :-o
Depends on the credit of the boorower, the type of property, etc etc . If you want to sell a note at closing, most people will buy at 92% of note value for a single family home if the credit score of the borrower is above 620.
Kyle
I think you might be confusing short sales with the discounts that are taken when selling an owner financed note. Those are different transactions.
As far as owner financed notes, depending on the credit profile of the payor, the down payment, how well the note is paid/seasoning, the condition of the collateral the note is secured by, whether it is residential or commercial, there are many different variables that determine what the purchase price would be.
And you can be sure there are LOTS of note brokers who will just throw numbers out at you and tell you what you want to hear, when they are in no position to do so because they have NOT done their due diligence on the deal.
Let me know if you have any other questions, and I hope this was helpful to you. Dave
it also depends he interest rate on the note. the higher the rate the more you can get.