You'll have to do the math on that.

I just bought a non-performing 2nd note on a home where the 1st note is current, but I just found out the house is under contract and listed for 189K.1st note balance is 196K.2nd note balance is 51K.Market Value is 232K, but it's listed at 189K.To me, the math just doesn't add up.

Do the math, cut the check.

You can look them up and then do the math to guesstimate how much someone still owes.

I know when selling a note at a discount, the math effectively makes the interest yield higher for the purchaser, buying at less than face value. 

The market and the math will tell you the right answer.

I would really appreciate any and all feedback for my thoughts, math, or way of looking at this deal. 

Correct...and so far, with a couple of exceptions, the ONLY reply on this question that is correct....because it's the only one that used math.I remember all the people in my life, my own and my daughter's, taking math that have said, "why am I learning this...I'm never going to use it?"

Think about your math. 3% or 6% of the entire sales price of a house, vs a referral fee.

I think you should start in Skagit county, since you're an engineer I'm assuming you're good at math, and you have experience working a trade.