How to Purchase Non-Performing Notes: Good Brokers are Key
How to Purchase Non-Performing Notes
You know, a good broker for your note buying business is worth his or her weight in gold.
This week alone, on my good brokers, telephoned me 4 times.
He was checking up to see where I was on my non performing note bid.
Example of a Good Broker when learning How to Purchase Non-Performing Notes
There was a bid that I put on a pool. It had been brokered out for a friend of his that he used to work with at an investment bank.
He was very good with his due diligence. He would always ask me in a very polite way if I had everything that I needed and if there was anything that I found that I wasn’t expecting.
Or he would say something like: “So which notes have you kicked out due to value, if any?”
And the end of his conversation he would make it a point to show me that he was working on both ends to keep me and the seller on the same page.
He would assure me that he would notify the seller about our conversations and let them know that I would be contacting them once I had everything finalized. And he would always ask me for a date.
How to Purchase Non-Performing Notes- Good Brokers are Key
This broker is always adding value - hes helping the relationship between me and my seller along, and not coming in the way.
He knew everything about my bidding process. He knew what my bids meant and why I was bidding on the non performing notes.
He was aware of the potential “kick-outs”, in other words, notes that I might pass on. Some reasons to pass would be title issues.
Take note of this, if your broker isnt helping you along, youre not getting value for your commission when buying your non-performing notes.
