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Updated about 8 years ago on . Most recent reply
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Protection for owners when selling a note (land Contact)
I Live In Ohio and have a seasoned Land Installment Contract that I want to sell. I received 15% down ($10,000), a year ago with a 12 year pay out. Great buyers. Never Late a day. My problem now is I need to cash out for medical reasons and informed the buyers my intentions of selling the land contract and they are freaking out. They talked to a family member, a realtor (very old school), the realtor had never heard of such a thing.Tthey want assurance there will be no changes. They say they bought from ME, not someone else. That I have their money and they don't want changes. they signed a not with me. How best to inform them , to give them assurance that this is legal, ethical etc. I told them If they went to a bank and got a loan to pay me off, they could have a $10,000 discount on the full price because that is how much less the note buyer is discounting the note if I sell it to him. They don't have the credit of course.
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@Wayne Snell way to cut to the chase scene man! LOL!!! I like your style. One of my original loan officers told me within the first week of applying that they do not keep the loan on the books as they sell to fannie and freddy. Don't see a difference in @John Walter situation as you mentioned.