97,4750 note for sale

type of property?SFR

payors credit? BAD

property value? 100K

Owner Occupied? tenant occupied

Sales Date? apr-23-09

Sales Price? 99,900

Down Payment? 2,500

State? california

City?sacremento

Face Value of Note For Sale? 97,450

Note Balance? 96,474

Interest Rate? 8.5%

Payment Amount? $749

payments made? monthly

# of Payments Made? 5

When 1st Payment Made? aug-10-09

# of Payments Remaining? 355

Next Payment Due Date? nov-1-09

Loan to Value? 97%

are payments current? yes

Position of Note? 1st

Edited: 06/26/2010 at 10:10AM

Marc Faulkner

Note Investor · Kalamazoo, Michigan

953 posts
6879 Influence
12 Awards

Icon_minipost Oct 23 '09, 12:20 AM

Bad credit, super low down payment and non owner occupied. 3 strikes and your out! If you can find someone to buy a note Terrell, I will show you how to make enough money to retire in less than a year!!!! Keep me posted if you actually find any buyers for this one.

Edited: 06/26/2010 at 10:12AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2431 posts
48425 Influence
14 Awards

Icon_minipost Oct 23 '09, 02:21 AM

Marc, ballpark, what would that note be worth assuming you had a buyer?

Edited: 06/26/2010 at 10:12AM

Nate Hananger

Renter · Santa Monica, California

39 posts
248 Influence
2 Awards

Icon_minipost Oct 29 '09, 02:05 PM

Can't blame the note holder for trying. I wouldn't want that in my portfolio either.

Edited: 06/26/2010 at 10:18AM

Terell Sloan

Real Estate Investor · akron, Ohio

38 posts
177 Influence
2 Awards

Icon_minipost Oct 30 '09, 04:57 AM

yea i know

Edited: 06/26/2010 at 10:18AM

Terell Sloan

Real Estate Investor · akron, Ohio

38 posts
177 Influence
2 Awards

Icon_minipost Oct 30 '09, 08:57 AM

yea i know lol

Oscar Pedroza

Property Manager · amarillo, Texas

1 post
19 Influence

Icon_minipost Apr 22 '10, 04:49 AM

you want me to get some quotes for you?

Edited: 06/26/2010 at 12:34PM

Frank Adams

· Loveland, CO

1170 posts
1209 Influence
4 Awards

Icon_minipost Apr 22 '10, 11:49 PM

Hmmm, a $100,000 house in Sacto CA in 4/09?

Make me wonder how bad the house is. The only reason I'd want the note would be to get the house, even though it's 1200 miles away.

Sacto is pretty close to ground zero for foreclosures, Stockton, where prices for waterfront places have dropped by more than 1/2 over the past few years.

The note is probably worth about $45K, and that's without running it through my calculator. Depending on the property and its condition and the cost to foreclose, no payment for 4 months, it might be a money maker.

Frank

Edited: 06/26/2010 at 12:35PM

Alfred Castillo

Residential Real Estate Agent · Bronx, New York

83 posts
257 Influence
1 Award

Icon_minipost Jun 18 '10, 10:29 AM

Originally posted by Nate Hananger

Can't blame the note holder for trying. I wouldn't want that in my portfolio either.

I am newbie on this note stuff and by me looking at the info that provided above it look very bad! A Loan-To-Vaule of 97 percent and a down payment of 2500 dollars? Usually when you apply for a mortgage they ask for 20 percent?

Edited: 06/26/2010 at 01:17PM

Alfred Castillo

Residential Real Estate Agent · Bronx, New York

83 posts
257 Influence
1 Award

Icon_minipost Jun 18 '10, 10:30 AM

Originally posted by Frank Adams

Hmmm, a $100,000 house in Sacto CA in 4/09?

Make me wonder how bad the house is. The only reason I'd want the note would be to get the house, even though it's 1200 miles away.

Sacto is pretty close to ground zero for foreclosures, Stockton, where prices for waterfront places have dropped by more than 1/2 over the past few years.

The note is probably worth about $45K, and that's without running it through my calculator. Depending on the property and its condition and the cost to foreclose, no payment for 4 months, it might be a money maker.

Frank

How did they calculated those number if I don't mind asking?

Edited: 06/26/2010 at 01:17PM

Mary ann F.

Real Estate Investor · Shepherdstown, West Virginia

8 posts
-36 Influence
1 Award

Icon_minipost Feb 26 '11, 08:04 PM

Hey Terrell,

Do you have any notes currently that you need to sell? I'm always up for a challenge, even if they aren't performing the best. I work with buyers nationwide that pay top dollar. So, give me some notes, and I'll give you some buyers.
Thanks for your help. Take care.

Mary Ann