we are holding a 15 year mortgage on a duplex, receiving 7 % interest we have been holding it for a year and would like to sell it,

Asked by berylstanpettys, Cape Coral, FL Thu Mar 14, 2013

How much could we expect to get for it .it's value is $90.000

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Mar 14, 2013
the best you can hope for is 65% to 70% max

1 vote
Danielle Sha…, Agent, Cape Coral, FL
Thu Mar 14, 2013
Do you mean sell the note you're holding?
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Mar 15, 2013
Private investors sell mortgages all the time. If you can prove the borrowers have been paying on time for over 12 months, but like I said below, the max you'll likely get for such a low rate mortgage is 70%.

This is exacty why many private investors are at 10% rates as its more attractive to other investors if they need to short sale the mortgage and cash out.

I would have a conservative appraisal done with a rent schedule to present to potential investors.

0 votes
Roland Vinya…, Agent, Sprakers, NY
Thu Mar 14, 2013
You can sell it, but the buyer will be obligated to honor the mortgage, the same as you would. Not many folks want something like that, which will hurt its saleability. On the other hand, if you can find a buyer who really wants something like this, he will not be likely to find another. You can't count on being lucky so it is reasonable to expect that if you want a timely sale, you will have to sell at a discount, which is what I think Steve refers to. I am not sure I agree wholeheartedly with his numbers but haven't seen enough of these to have my own.

Danielle refers to selling your mortgage, not any real estate. If you are holding a "mortgage", that means the home has been sold already (as opposed to retaining ownership and taking payments until it is paid off or a certain amount has been reached). Mortgages are easier to sell but usually sell at a steep discount. How much depends upon circumstances: the value of the home, it's desirability should they need to foreclose and resell it, the payment history of the buyers....
0 votes
Kevin Clouti…, Agent, Cape Coral, FL
Thu Mar 14, 2013
You need to contact an agent(s) and get an opinion of value.

You will not likely get anywhere near its value asking in this forum and if you plan to sell it yourself even less.

Your idea of value and reality are probably 2 different things.

You have an answer from Danielle, an agent of value and Steve a loan officer that knows loans not values.

Good Luck

Kevin Cloutier
A HouseSOLD Name
Southern Premier Realtu
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