Posted by Tom Henderson on October 16, 2009 at 17:34:55:
In Reply to: Re: Can I sell a note on my own property? posted by Catherine on October 16, 2009 at 14:39:24:
Not sure why your note holder would restructure and sell a note due in 15 days, but I have seen weirder.
If the note holder is agreeable, there are several avenues you might take. 1. Give him a "partial balloon", and restructure the note to your liking. This will be more advantageous to your note seller than selling the note at a discount 2. You purchase the note at a discount. Since you were going to pay it off anyway, you would be coming out ahead, no matter how small the discount.
If you do pay off the note, your land will be free and clear. It should not be that difficult to find a local investor to loan you $22K and put up an $80K property as collateral; especially if you are going to give the investor above market terms.
Hope this helps.
Tom Henderson