Have you tried to buy a NOTE from a lender at a discount?

[Phil Hartten]

I started a subdivision and did phase on of three.  I decided to sell the land for phase two and three to a local buyer who indicated he would like to buy for than one or two lots...So I said...sure buy em all.  He said fine and I have cash.  Great i said.

So I told him that he could save about !00K or more if he went and bought the note from my banker and then have the seller...me ... transfer the deed to the buyer at closing.  Worked great and the banker complained about the low all offer to buy the note...but on the third attempt, the bank said ok...saved $110,000.00.  No lawyer...just a two paragraph letter delivered to the head loan officer at the bank.

Has anyone done this yet?