Note Seller Finds Note Buyer Blog - Petitions Queen
July 3rd, 2008 categories: Seller Financing, Selling Your Note
The whole “Note Queen” idea was sort of an accident . . . a mere nickname in the office that somehow stuck. Instead of
fighting it, I created a brand around it. Most people merely smile (or smirk) when I call myself the Note Queen, so I was really surprised when one “note buyer blog” Googler found me and stepped right up on stage.
Her email made me laugh right out loud (LOL, in modern language, in case you don’t have teens).
“Call me! I don’t want to be ripped off by weirdos on the net . . . Save me My Queen!!!!! I have a note for sale now and would like the help of Note Sale Royalty
I have been jerked around by a note buyer pretending to be a principal and I am not happy.
Oh: Price was $240,000, DP $48,000, loan is $192,000 6.5% 30 yr amort./10 yr balloon.
We want to sell it now as we decided to get another house and want to make a large DP. The home was free and clear and we have had it for 8 years or so in the family.”
After I stopped laughing, I picked up the phone and we had a really great conversation, and even now she’s gathering all the paperwork I asked her for so I could help her get cash for her note:
- Note
- Deed of Trust
- Credit report of buyer
- Appraisal
- Title policy
- Escrow opening instructions
- Escrow closing statement
I also sent her a 1003 (loan application) so she could have the buyers fill it out, as she had not done this prior to closing escrow.
One of the first things I did was congratulate her on a very well-structured note: 20% down payment, great credit score, ten year balloon. Her attorney was proficient at structuring a good seller carry back note, so even though this is a “green” note (little seasoning: only one payment received so far), she will get the maximum price the market will bear.
Related Reading:
- I want to carry paper, please help me create a valuable note
- If I Carry Paper, How Much Will I Get Each Month?
- How Does the Market Determine the Discount I Take on My Note?
