Posted by Cindy Olson on June 02, 2002 at 14:33:56:
In Reply to: Re: Note and Deed of Trust for Sale posted by Phillip C. Bold on June 02, 2002 at 01:01:03:
Thanks for the comments. Hopefully this will answer yours and Mikes questions. The buyer has NO credit. He has a construction company that seems to be doing fairly well. However, he has never used credit so if you were to pull his credit report it would say nothing. So there is no way the buyer would be able to obtain conventional financing. His partner (girlfriend) together they have 2 children but are not legally married. (WA is a community property state). She does NOT have good credit. She has had a bankruptcy within the last 7 years when she divorced her former husband. I am writing the offer up in his name only. The owners paid cash for the property and over 200,000. I am getting that verified through county records. My personal opinion is that they paid too much. Although the home is cedar, it's small (1250sq. ft) There is a nice barn/shop with loft (small ) They were out of country buyers and were not buying as an investment but for the asthetic value of the land. The lake is private. There are about 6 homes on the lake. The property is beautiful. I am getting a timber cruise done tomorrow. Its thick with cedar but I do not have a value as I am not a timber cruiser. If there is alot of value in timber and the buyers decide to thin, then I will be putting into the note that the net proceeds will be put towards paying off the note. This will secure the note buyer. I have a quote of 7,500.00 discount with a company familiar with this area. I use to sell FHA/VA loans for a bank. I also have sold commercial notes but only few residential as my expertise is in the commercial market. I set the terms in this sale and that is why it is a higher interest rate with a 5 year balloon. I found this site and decided to ask what others would be willing to pay. I hope this helps. Thank you for your time.
Cindy