How do I find serious (professional) note buyers for Gary, IN mkt?

[Chris Ukachukwu]

Dateline: Gary,IN (GI, Michael Jackson's birthplace)

I have a brick 4-unit rental property under land contract since 2007 but the owner wants to be bought out ASAP. Sometime around the beginning of 2011 I posted an appeal on BP for a notes buyer to look at this property and "take over the note" from the seller as it produces good positive cash flow. I really want to keep it and can't find the cash or loan from banks.

I received about 4 responses out of which 2 were serious (in my estimation). Both leads came from BP. One of the responders seemed a bit more aggressive and focused and I pursued it and connected him to the seller. He seemed serious - sometimes calling twice a day. I was more impressed with him than the other notes agent who seemed hesitant and was low-balling. He asked for payment records and deeds and all kinds of docs which were provided to him. At the point we were expecting to simply proceed to closing, the guy stopped calling. Dropped out cold. No explanation. Won't respond to my inquiries to date. I hope he's reading this. I was appalled.

We took on the 2nd guy. He asked for different things, we paid for appraisals, then revised his offer downward. I was surprised that the seller agreed to his even lower offer. Provided proof of liens clearance and property insurance and the 2nd guy went AWOL as well for over a month now. No explanation. Won't return calls or emails.

I am frustrated at how shady these guys turned out to be. No sense of professional pride, not even to a fellow BP'er. I feel sorry for the seller. I WANT THE PROPERTY and have invested a significant amount of money to upgrade the plumbing, heating & electrical systems and replaced all the windows. It still needs a few things but it's a solid investment and a beautiful property worth (conservatively) $75K even in this mkt.

He was willing to accept ~ $40K buyout and these clowns (sorry!) played around with our time and efforts and melt into the darkness.

What does it take to find a serious notes buyer in this market? Any ideas?