Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc.  - Denver Real Estate - 720-231-6373)

Spam prevention
Ambassador
3,130,291
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Show me the money! 

Jun 13, 2022 02:01 PM
Rainmaker
558,842
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Was that before or after a "Gentleman's Handshake"?

Jun 13, 2022 03:54 PM
Rainmaker
400,768
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor"

Yes, I do!

 

I still carry them in my pocket everyday along with my Credit Cards... LOL

Jun 13, 2022 02:06 PM
Rainmaker
2,677,058
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Pay me now! 

Jun 13, 2022 01:50 PM
Rainmaker
4,459,732
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

My first sponsoring broker carried a pad of them in her purse. And had a supply of pads in her office. That was then a long, long time ago!

Jun 14, 2022 04:47 AM
Ambassador
3,365,249
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Oh I do remember those things!!  Long time ago!!

Jun 13, 2022 08:54 PM
Ambassador
1,005,252
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Jun 13, 2022 06:53 PM
Rainer
296,191
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

In Georgia that's what a buyer does sign, a security deed and promissory note.  We do not have "mortgages" in a traditional sense.  

Jun 13, 2022 02:54 PM
Rainmaker
4,379,727
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Never dealt with a promissory note even once. And in NYC many of the coop buildings I sold in were 100% cash buildings... no notes of any kind.

Jun 13, 2022 02:06 PM
Rainmaker
1,754,243
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Yes I do remember & quickly thought why not just give them a check? It was custom in my area in the early 80's.

Jun 14, 2022 05:21 AM
Rainmaker
1,419,064
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

That's been a long time...

Jun 13, 2022 10:31 PM
Ambassador
5,653,085
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes, and they do occasionally have a use

Jun 14, 2022 03:29 AM
Rainmaker
987,580
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

A promissory note is simply an agreement to pay a certain amount, in a certain number of payments, at a stated interest rate. What is also called an unsecured loan or personal loan.

Jun 13, 2022 09:22 PM
Rainmaker
795,680
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

I've only see one and it was when a seller had to promise to pay her listing agent's commission. I wonder if she ever paid it.

Jun 14, 2022 06:15 AM
Rainmaker
1,032,804
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I look at them every day as they leave my wallet.

BUT, yes I do remember them

Jun 14, 2022 07:58 AM
Ambassador
3,066,605
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

That's actually how home loans are done in Georgia.  A security deed and promisorry note are signed at closing.  The security deed is recorded along with your new deed and we have non judicial foreclosure that can happen as soon as you are 61 days late with a payment.

Jun 14, 2022 09:55 AM
Rainmaker
1,131,426
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Soon enough we'll probably be entering that phase of real estate once again. Banks won't be able to compete with mine or my Seller's discounted rates. We could pull a decent return back in the day. It was a win, win, win for the most part.

Jun 14, 2022 09:48 AM
Rainmaker
865,148
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Yes. They're still available and might be accepted in certain situations.

Jun 14, 2022 03:58 PM
Rainmaker
841,232
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

A Promissory Note is a legal banking document, especially if drafted properly with names, amounts, dates, etc. 

Jun 14, 2022 11:12 AM
Rainmaker
2,048,310
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

1970’s -1980’s

Jun 14, 2022 11:07 AM
Rainer
54,571
Compare Closing LLC
Compare Closing LLC - Dallas, TX
Let the lenders compete for your business!

Yes we do remember

Promissory Notes

Jun 15, 2022 09:49 PM
Rainmaker
1,354,173
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I bet they will be making a comeback, perhaps as the only way one can unload their house.  That or Lease Option.  I'm not too positive as to where the market is headed.  

Jun 15, 2022 04:24 PM
Rainmaker
2,030,074
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I used promissory notes in the beginning of my career all the way to end Joan Cox without incident of any kind. I think it's all in the way it is presented.

Jun 15, 2022 12:57 PM