Can I sell a note on my own property?

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Posted by Catherine on October 15, 2009 at 21:10:30:

Can I sell a note on my own property? I have a balloon payment coming due in 15 days on 38.9 acres of fenced ranch land in a desirable New Mexico subdivision. The note is around 22k and the land is valued at about 80K. I can pay it off but would prefer to sell the note and keep my credit and cash for other deals. We have never been late on payments and have always paid additional on principal. The current interest rate is 8.5%. Not a bad rate of return for a very secure investment. How can I structure this?

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