Promissory Note Question
I hold a note to a commercial property in a Southern California in a desirable area. The buyer is in a negative cash-flow situation. We have already been through foreclosure once this year and the buyer came in at the last minute and cured. The buyer now wants to sell the property and is asking an above market price for the property. He said he has a buyer who has the excess cash to spend on it and can afford to absorb the associated risks. His buyer is asking him if we would drop our interest rate in exchange for higher monthly payments.
Our desired outcomes lie somewhere between a lump sum payoff and taking the property back. Looking at what I just wrote it looks like we should just wait it out and foreclose. We are mulling this over and want to make sure we have enough information to make an informed decision going forward.
Since I'm posting on a forum that is flush full of great investors with great ideas, I would like to get some other viewpoints on this situation without having to give away too much personally.
Suggestions are appreciated.