Re: sell and "paper out"

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Posted by Michael Morrongiello on May 03, 2008 at 13:33:30:

In Reply to: Re: sell and posted by Dave D CO. on May 02, 2008 at 20:17:42:

Dave;
The KEY component being looked at VERY carefully these days is payor credit. Clearly a years plus worth of payment history will help offset some of the negative credit payor has but hopefully also along the way they will rebuild their credit profile and also their credit scores....

12 months plus of seasoning is going to be wise especially if the payor credit is weak.

An alternative is to see if this payor has a strong credit CO-signor who along with him will sign the note FIRST in conjunction with him. This will also help to ofset the negative credit of the other payor.

This co-signor could perhaps be a relative, friend, business associate, etc.

I like the down payment IF that 2nd $10K cash ever materializes...just be sure to document everything.

Remember you always have the option of marketing the home for sale with the "Owner will Finance" - 3 magic words. This might allow you to find an owner user buyer with strong credit, a down payment, and one willing to pay the 9% -11% interest rate.

Best to your sucess;
Michael Morrongiello

PS. We would have interest in such "paper" at the point you seek liquidty


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