Temporary Owner Financing? 2 posts by 2 users

Posted: 10/15/2008 at 06:55AM

I had a lady contact me that said she only needs 10%. I find that really hard to believe.

Other than the % discount they accept. Be very weary of the process and the contracts they need you to sign. I remember reading on some companies website that they have you use their purchase contract which says that you only have to go through with the sale if they buy your note after closing, or something like that. I asked the guy who contacted me how they expect me to 'reverse' a sale if for some reason they don't purchase the note post-closing. He just kept telling me to listen to the web-seminar that was coming up.

I also don't think they offer any guarantee that they will buy the note post-closing or at least at a guaranteed price. So what they might do is tell you they will give you x% and when you finally close drop that number down. Yeah, sure they might sing a Letter of Intent with you but that really doesn't mean squat.

I would be weary of these companies Alex. Most true note buyers look for a well seasoned note along with a lot of other things before offering 85 - 90%.