Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

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.

Loading replies...