Hi I own a home and would like to create a second note on the home and sell it off to someone who buys notes, can someone tell me how I can do so?
How are you going to create this second note? For what purpose? Seller seconds are usually created when the sale of a property is done at a 80/20 or 90/10, along them lines. The buyer gets financing for say 80% and then you would agree to carry back the 20% in the form of a note. That could be sold to note buyers but you probably won’t get what you think you should. I’m a note broker and I just completed a deal where the note went for 35 cents on the dollar. Some call these “throw away seconds” cause they don’t carry much value. They say that cause its true. Usually the credit is suspect, there is little seasoning, high LTV, and the obvious is cause its in the second position. The range for these notes fall in the 25-50 cents on the dollar range.
Not sure how you would create a second note on your home with out selling it. Someone can correct me if I’m in the wrong but I only thought seconds were created by the sale of the home.
Nate
hi
i agree whats the point?
just get a second on the property and put the money in your
pocket.
moke