You can buy a binder on a title policy that will keep it open for a 2 step transaction.
Some states (OH and FL for example) give buyer equitable rights to property as they pay. If buyer makes land their residence then foreclosure rules kick in even with installment sale. Too many sharks taking advantage of poor people. The “loan…[Read more]
Congrats on the sale!
We’ve been at this for a bit. Attorney is correct, by selling on an installment contract borrower isn’t on title till paid in full. Your contract should include clause that buyer pays property tax and is in default if late.
Mortgage servicers aren’t hot for land contracts. Since they’re not underwritten by licensed mortgage…[Read more]
This is not a loan to you. You don’t have responsibility for payment.
Let me lay out a little clearer. Example is $50,000 sale, $5,000 down and 180 month note @ 9% principal balance $45,000 payment $456.42
I buy 1/3 of the payments (60) for 1/3 of the balance ($15,000)
If the buyer defaults I foreclose or take property through…[Read more]
Joe – We’re new to the group. But we are here to help with exactly this. Our primary business is buying notes and originating loans. We have an application portal that we hope land investor/sellers can use to qualify their borrowers. Typically we buy part of loans. For example if you have a 120 month loan, we’ll buy 1/3 (40 payments) for 1/3 of…[Read more]
Modern Asset Management replied to the topic An illegal alien wants to buy thru seller financing in the forum **Pro-Only Members – Ask A Question** 2 weeks, 2 days ago
Kevin – Congrats on closing a deal! We might be interested in giving you a cash offer for the loan. It wouldn’t be full value. We take into account time value of money and risk. You could even monetize part of the payments and keep residual income down the road. If interested, let me know.
Hi All! – New to Land Academy. But old to debt buying. If you’d like to get some instant cash for your loans, we’d like to explore that with you. We’ve been buying, selling and collecting debt for 38 years (Old as you know what!).
If you’d like to unlock some upfront cash but still have the “back end” profit, lets talk about us buying a…[Read more]
New to LA. But old to debt collection (20 years agency owner). Tax liens are picked up by the credit bureaus because they’re public records. I don’t know if there’s a reporting loop to show when sold or redeemed.
Modern Asset Management