I recently observed that one individual posted in our local foreclosure listing has three properties going all at once, and all to the same lender. The total owed is approx 76K for all three. Now bare in mind I have to do my due diligence and see what place they are in.
But my question is will a lender sell those non-performing notes to a private investor and if so, how much, if any, discount could I get them for. Any help would be greatly appreciated.
Not one of you learned professionals on this board can help me out here, huh? WOW!!!
This question has come up in a number of threads; will a lender sell a non-performing note to an individual investor. I think the consensus is that rarely do institutional lenders sell individual loans to private investors. Lenders conduct transactions in large pools with accredited counterparties and individual real estate investors usually are not included. This is not to say that your proposed offer will not be accepted, so you should give it a try and see if you have any luck going this route.