Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax Liens & Mortgage Notes
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 about 8 years ago on . Most recent reply

User Stats

4
Posts
0
Votes
John Walter
  • Flipper
  • Sidney, OH
0
Votes |
4
Posts

Protection for owners when selling a note (land Contact)

John Walter
  • Flipper
  • Sidney, OH
Posted

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.

Most Popular Reply

User Stats

2,994
Posts
1,250
Votes
Shawn Ackerman
Pro Member
  • Real Estate Entrepreneur
  • Mid West, East Coast
1,250
Votes |
2,994
Posts
Shawn Ackerman
Pro Member
  • Real Estate Entrepreneur
  • Mid West, East Coast
Replied

@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.  

  • Shawn Ackerman
  • Loading replies...