Comments on: Financial Storms Offer Advantages to Sellers Willing to Carry Paper http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/ Owner financing help, title holding land trusts, owner will carry, benefits of seller financing, defer capital gains, what is my note worth, sell my note for cash, create a good note; Pasadena, Temple City, Alhambra, San Gabriel, Arcadia, Sierra Madre, El Monte, Rosemead, San Marino. Wed, 08 Feb 2012 17:03:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Learn the Secrets of Structuring Seller Carry Back Notes by Tuning In http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-7117 Learn the Secrets of Structuring Seller Carry Back Notes by Tuning In Thu, 06 Jan 2011 23:14:39 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-7117 [...] Financial Storms Offer Advantages to Sellers Willing to Carry Paper [...] [...] Financial Storms Offer Advantages to Sellers Willing to Carry Paper [...]

]]> By: Dawn Rickabaugh http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-410 Dawn Rickabaugh Tue, 17 Jun 2008 18:51:23 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-410 Hi John, When you sell and carry back a note, you are the beneficiary, not the owner, so to get possession of the property, you would have to foreclose instead of evict. That's why putting the deal together intelligently out of the starting gate is so important. While foreclosure is not that common with a well-structured transaction, the time to plan for that possibility is before you carry the note. You need to understand the risk and reward of any potential course of action. To sell and be able to "evict" instead of foreclose, you would have to put the property in a land trust where both you and the buyer are beneficiaries with specified duties and obligations. This is a little more labor intensive to set up, but can save a lot of hassle down the road. Hi John,

When you sell and carry back a note, you are the beneficiary, not the owner, so to get possession of the property, you would have to foreclose instead of evict.

That’s why putting the deal together intelligently out of the starting gate is so important. While foreclosure is not that common with a well-structured transaction, the time to plan for that possibility is before you carry the note. You need to understand the risk and reward of any potential course of action.

To sell and be able to “evict” instead of foreclose, you would have to put the property in a land trust where both you and the buyer are beneficiaries with specified duties and obligations. This is a little more labor intensive to set up, but can save a lot of hassle down the road.

]]> By: John http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-408 John Mon, 16 Jun 2008 23:19:36 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-408 i live in california... i live in california…

]]> By: John http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-407 John Mon, 16 Jun 2008 23:19:03 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-407 Hi Dawn, carrying a note does sound great. But if i did carry one and for some reason the new owners stopped paying the mortgage. Is the eviction process complicated..? Hi Dawn, carrying a note does sound great. But if i did carry one and for some reason the new owners stopped paying the mortgage. Is the eviction process complicated..?

]]> By: Dawn http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-155 Dawn Wed, 30 Apr 2008 19:05:38 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-155 Hello Erin, I have been out of town without internet for the last few days, so I apologize for not getting back to you sooner. Carrying paper is a great tool for selling in this market, and achieving some good financial benefits as well. I can help you put this kind of deal together. Please look over my list of services at: http://notequeen.com/menu-of-services/ Once we start an email conversation, I can help you think through your plan, and refer you to the types of professionals you'll need when appropriate. To answer some of your questions, yes, the mortgage interest is deductible for the buyer, just like with any other loan. You would either use an escrow company, a title company, or an attorney to close the deal, depending upon where you live. I would suggest that the cheapest and best way to keep track of your note would be to use a note servicing company. They collect the payments for you, deduct a small monthly fee, and pass on the rest to you. They keep a perfect payment history, and prepare all the 1098's and 1099's necessary. This makes holding a note hassle free for you. Please feel free to email me at dawn@notequeen.com Best wishes, Dawn Hello Erin,
I have been out of town without internet for the last few days, so I apologize for not getting back to you sooner.
Carrying paper is a great tool for selling in this market, and achieving some good financial benefits as well.
I can help you put this kind of deal together. Please look over my list of services at: http://notequeen.com/menu-of-services/

Once we start an email conversation, I can help you think through your plan, and refer you to the types of professionals you’ll need when appropriate.
To answer some of your questions, yes, the mortgage interest is deductible for the buyer, just like with any other loan. You would either use an escrow company, a title company, or an attorney to close the deal, depending upon where you live.
I would suggest that the cheapest and best way to keep track of your note would be to use a note servicing company. They collect the payments for you, deduct a small monthly fee, and pass on the rest to you. They keep a perfect payment history, and prepare all the 1098′s and 1099′s necessary. This makes holding a note hassle free for you.
Please feel free to email me at dawn@notequeen.com
Best wishes,
Dawn

]]> By: Erin Sauls http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-146 Erin Sauls Sun, 27 Apr 2008 10:45:33 +0000 http://notequeen.com/2008/04/02/financial-storms-offer-advantages-to-sellers-willing-to-carry-paper/#comment-146 How do I arrange for this type of loan? Do I go through a title company? Is the interest still tax deductable for the buyer? As a seller carrying papers, do I work with a bookkeeper or CPA to prepare end of year proof of interest paid documents to the buyer? (I can't remember the name of the form) This may be a good idea for me in selling in our very poor market. How do I arrange for this type of loan? Do I go through a title company? Is the interest still tax deductable for the buyer? As a seller carrying papers, do I work with a bookkeeper or CPA to prepare end of year proof of interest paid documents to the buyer? (I can’t remember the name of the form) This may be a good idea for me in selling in our very poor market.

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