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Updated over 15 years ago on . Most recent reply

User Stats

99
Posts
1
Votes
Alice Chicken
  • Real Estate Investor
  • LI, NY
1
Votes |
99
Posts

REO property for double closing or note buyer

Alice Chicken
  • Real Estate Investor
  • LI, NY
Posted

Can someone help me on clearing up if I can do note buying instead of double closing.

I am about to close on a property in VA. I have a buyer that wants the property and he is pre-approved for the loan. Instead of double closing, can I do owner financing, and sell the note to a note buyer before the closing date.

let me explain further1) Property is worth $380,000. Buy from Bank at $223,000. Repair is needed for 30k. Sell to end buyer at 300k and he can do his own repair or we can help me.

1) buyer will get a loan from me as owner financing
2) Buyer makes a down payment of 10% to me at 30k
3) the rest 270k is financed to a note to me
4) I sell my note $270k to a note buyer for 240k
5) WIth the note buyer buys the note for 240k, I can pay off the bank requested fund for 223k before the closing date?

Can I do this?

And, does anyone know a note buyer that is investor friendly.

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