How to Purchase Non-Performing Notes: Good Brokers are Important
Purchasing Non-Performing Notes, the How To
If you have a good broker that you are working with in your note buying business, you will be very successful.
I’ve received over 4 phone calls from on of my good brokers this week.
He was checking up to see where I was on my non performing note bid.
Purchasing Non-Performing Notes, The Good Brokers
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.
And he would say something like…”So which notes have you kicked out due to value?”
He would always make me feel that he was doing everything that he could to keep myself 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 – The Value of a Good Broker
A good broker is always adding value and helping the relationship. This broker never got in the way and simply improved the buying process.
He was always in the loop about my bids, he knew what they meant, why I was bidding on them, and which non performing notes I was bidding on.
He knows what the potential kick-outs (if there are any notes that I might kick out or pass on as a result of a value fade or a title issue.)
Remember this, if your broker isn’t making your non-performing note purchase easier…then you are not getting the value for the commission that you are paying.
