Posted by Michael Morrongiello on November 07, 2008 at 23:14:01:
In Reply to: How Much Discount on This Note? posted by Mike P on November 05, 2008 at 13:56:09:
Mike:
We (sunvestinc.com) would have interest in such a Note providing its going to be secured by what I assume is an owner occupied Single Family Detached home.The KEY issues will be confirmation of ALL three credit scores on the buyer and whether that Note interest rate could be increased any (as a 5.5% rate Note for a NON conforming seller financed instrument is LOW by today's standards)- that interest rate should be closer to 8% to 9%
With some additional info provided on the buyer (employment info, stability, etc. - perhaps a formal application of sorts)and the property it would be easy to underwrite and price such a deal.
Best to your success;
Michael Morrongiello
www.sunvestinc.com