Selling a Note on a Michigan property.

[Michael B.]

I'm in the process of putting together a seller financing deal. The current owner would like to receive cash as fast as possible as soon as the deal is done. I'm trying to put together a win-win-win situation where the seller gets access to cash as soon as possible, I get more favorable terms than with a bank and the note buyer gets the deal he/she is looking for. 

I was wondering if anybody here has resources for note buyers or could point me in the right direction on how I could pull that deal off and get the note sold as soon as possible after the deal is done - maybe even @ closing.

[Bob Malecki]

Usually buyers of performing notes want to see a solid history of seasoned performance for at least 6 months. I have some small institutional buyers who will purchase performing notes like this but would not purchase them until some performance is proven from the borrower. 

Additionally the current holder of the note will usually have to discount the sale price to the buyer for a higher yield to the buyer and also to hedge the buyers risk for foreclosure expenses should the borrower default. I highly doubt that the person selling you the property would want to do that at closing.