How big a discount to move a note in Michigan?

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Posted by erin on August 28, 2008 at 10:16:24:
If I rehab a house and sell to an end user at full appraised value, what are Note Buyers looking for discount wise to be able to buy the note?
I am aware credit poses a valuation to the note, but most people in the Detroit area of Michigan are going through the sub-prime mess, so alot will have damaged credit due to adjusting loans or bankrupcies.
Figure the price of the house is $150k with 5% down and an interest rate of 10% in a good area? I am new to this, so I may be wading into usury laws (charging too much interest), so help me out if inaccurately stated an item.
Other choice would be to Lease option as the redemption period in Michigan is 6 months.
Thanks.
Erin

Follow Ups:

Re: How big a discount to move a note in Michigan? Rick 07:33:45 09/04/08 (0)

Focus is on EQUITY & CREDIT these days Michael Morrongiello 21:45:05 08/28/08 (3)

Re: Focus is on EQUITY & CREDIT these days Bob Smith 08:15:22 08/29/08 (2)

Thrive and Prosper.... Michael Morrongiello 18:47:59 08/29/08 (1)

Correction to max number of agency loans SoCalGal 20:12:20 08/29/08 (0)

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