REO property for double closing or note buyer
Can someone help me on clearing up if I can do note buying instead of double closing.
I am about to close on a property in VA. I have a buyer that wants the property and he is pre-approved for the loan. Instead of double closing, can I do owner financing, and sell the note to a note buyer before the closing date.
let me explain further1) Property is worth $380,000. Buy from Bank at $223,000. Repair is needed for 30k. Sell to end buyer at 300k and he can do his own repair or we can help me.
1) buyer will get a loan from me as owner financing
2) Buyer makes a down payment of 10% to me at 30k
3) the rest 270k is financed to a note to me
4) I sell my note $270k to a note buyer for 240k
5) WIth the note buyer buys the note for 240k, I can pay off the bank requested fund for 223k before the closing date?
Can I do this?
And, does anyone know a note buyer that is investor friendly.