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Updated about 9 years ago, 10/05/2015

User Stats

37
Posts
14
Votes
Bob M.
  • Investor
  • Saint Louis, MO
14
Votes |
37
Posts

FCI exchange no longer facilitates buying/selling land contracts

Bob M.
  • Investor
  • Saint Louis, MO
Posted

hi everyone,

i bought a performing CFD on FCI last year for at about 70% UPB, have been sitting on it collecting payments for a year and recently got a bite to sell it at 88% UPB. I was happy to make the sale but half way through the transaction was notified by FCI that they cannot facilitate a transaction involving "real property". I was confused considering I have purchased two CFD's from FCI including this one and always received a note assignment and a quitclaim deed for the property itself, created by FCI! I have not been able to get a response back about when this policy changed, etc. but find it aggravating and wondered if anyone else has run into this. thanks!

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