Posted by Bud on December 07, 2009 at 14:39:51:
In Reply to: Can I sell a note on my own property? posted by Catherine on October 15, 2009 at 21:10:30:
The problem with balloons is that everyone waits to long to solve the problem created when the balloon was put it without a way to extend it. While you can't sell the note that you don't own you can buy the note. Or loan someone the funds to buy it. This may be valuable because it has a history of good payments. Trying to sell a new note with attendant title insurance, appraisals and closing costs can get expensive. Finding a buyer can be time consuming plus the cost of the discount/rate of return they will invariably want.