Updated almost 9 years ago on . Most recent reply
Selling a note
I recently sold a house the other day for 60k. The house is currently in too bad of shape to be mortgaged. He is actively fixing it up. The buyer gave me 20k cash and mortgaged the balance through me. I am charging him 7.5% annually, amortized over 30 years and have a 2 year balloon payment. I don't really want to sit around waiting for my money.
Provided he has good credit, can I sell the note. Is there a market for such a thing, and what kind of money can I get for it.
thanks