Sale of a land contract

From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Sale of a land contract
Date: Mon, 13 Jul 1998 22:34:42 -0400

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>Date: Fri, 10 Jul 1998 15:26:09 -0500
>From: Jerry Conley <jcrev@ncn.net>
>Subject: Sale of Land Contract
 =

>I have a land contract at 10% on about $80,000 that I would like
>to sell. It's not a bad contract, but I need the money for other
>investments. Can anyone help me by telling me where to start and
>who to contact (companies) that might want to make such a
>purchase.

There are 2 options you should consider.  Check the yellow pages
for mortgage brokers.  They will sell your land contract for a fee. =

Also check you Sunday paper under the section Mortgages wanted. =

These are usually private investors that buy mortgages.

If you live in California, send me a private e-mail and I will give
you the names of some mortgage brokers. =


> Also, can I expect to get all of the principal or even a little more?
or less?

Normally mortgages and land contracts are sold at a discount.  The
size of the discount depends on the term of the land contract,
interest rate, and loan to value ratio.

>What are some of the problems I might have? =

Legal fees to transfer the land contract, title insurance, and finding
a buyer.

> How long might it take to close on such a transaction? =


Once a buyer is found, 1 to 4 weeks may be required to complete
the transaction.

GOOD LUCK
BOB FORD
BOB_FORD@COMPUSERVE.COM =

 =

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