Selling Land Contracts
Does anyone know where I might find statues or laws or information regarding selling my land contract to a bank? Someone told me that doing this required a license and I cannot see how.
Does anyone know where I might find statues or laws or information regarding selling my land contract to a bank? Someone told me that doing this required a license and I cannot see how.
Greetings Commercial King!
I read your post and email. What if there was an exception to the rule and you had a bank that was interested in buying them ... would the note fall under respa guidelines because it ends up at a bank? If so, what if you sold it to a third party that sold it to a bank, would that make it a secondary market transaction where respa would not apply?
The reason I ask is because I have a couple notes and was told from a tax lien investor that it is possible to sell notes at a premium if they are high quality notes. The premium being face value plus deeply discounted interest, say face value plus 10%. Example, 100,000 note at 6% interest is actually worth approximately 280,000. So selling this note for 110,000 even would be the idea.
I appreciate your time.
getting from a 7.41 cap to greater than 10, seems like alot of movement / negotiation.
[ Edited by bentztozer on Date 08/07/2006 ]
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Tell the title company that you need seperate huds