How do you sell a note on real property

Question

a buddy of mine wants to sell his note to his bar in running springs, ca how does he go about it,he owns the note out right and receive's $3000 a month and a balloon payment of $910,000 DUE MAY 2010

Answer 1

Hi Diz,

Is your friend feeling alright? why on earth would he want to sell that note?? The reality is there are alot of "note brokers" out there who will offer to sell the note for him and collect a small percentage for doing it - this is a total scam - not only will they want him to sell the note for less than its face value, they will also want there "small percentage" to be paid on the gross. In other words, he will lose money hand over fist.