What would you offer on this note?

[Brittany L.]

Hello all!

I am looking at my first note purchase and am not sure how to determine a reasonable offer. Here are the details I have on the note:

$29,900 Sales Price of property when note originated
$ 1,500 Down Payment
-$28,400 Original Balance
-$ 474.38 Principle + Interest Payment
-$ 50 Taxes & Insurance
-$ 524 Total Monthly Payment
107 Months Original Term
87 Months Remaining
14.50% Interest rate on note

So, I know I would need to find out what the current value of the property is, the payment history of the buyer, their credit score. Any other information I need to ask for? Also, any suggestions on what to offer or how much to discount it?

Thanks everybody!

[Jon Klaus]

Does the mobile home include the land or just the home?

Age and size of the home?

Lot rent, if any?