unseasoned notes

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I'm glad I found this topic...I'm sure a note guru can give me answers.

I currently do short sales (buy preforeclosures by discounting mortgage) and sometimes the discount doesn't give enough spread for me to buy the home and wholesale it...but they do get discounted..20-25% leaving 80-85% LTV...attractive for someone who wants to live or hold on to a property.

I usually let the seller in preforeclosure know that if I can't get the discount down to 70% LTV or less they may face foreclosure.

I would love to help more of my clients, especially when I get a discount.

Is it possible for me to sell the home to an owner occupant with owner financing and do a double closing? Basically, I would find a buyer who will pay 100% LTV or more for the home and sell the note at closing.

I talked to another investor who said it was possible and that I need to find a note buyer in my state who understands what I'm doing and find out what their criteria are. I would create the notes for whatever interest rate they are looking for, property types, note terms, etc.

I checked out a company who brokers notes and they had underwriting criteria that require 3 months seasoning on notes....so this would only work for a rehabber who gets conventional financing to pay for properties. Unfortunately, when the lender gives a discount the funds are due quickly, so conventional financing is out and so is hard money (70% LTV) so, paying for the home, then holding the note for 3 months is out.

I come across this a whole lot since plenty of homes that I get discounts on are close to 100% financed and even upside down when I get the deeds.

Any help or direction to notebuyers that do this would be greatly appreciated. I would love to have another creative way to handle preforeclosures.

Thanks.