Re: Owner Finance and selling the Note

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Posted by Jim Davis on September 10, 2002 at 02:37:05:

In Reply to: Owner Finance and selling the Note posted by Jerrold in Dallas on September 08, 2002 at 02:28:30:

Jerrold, when you say qualify it all depends on the investor who will be buying the note. Here are some general things to look for to get max value for your note:
1. Buyer should have decent credit(at least a 600 score however some investors will go as low as 550)
2. LTV, 80 Max(80% of appraisal will be the max an investor will invest in a note.
3.Collertal-Property must be in average or better condition.

Yes, you can sell a note with only 5% down but please don't be shocked at the herty discounts you may see with only 5% down. With 5% down your note will have to be setup like 80/5/15(80%1st, 5% downpymt, 15% seller 2nd mortgage.

Jim Davis
El Paso, Texas

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