How to Purchase Non-Performing Notes: Good Brokers are Key


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On 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 called me to touch base on where I was on my non performing note bid.

Example of a Good Broker when learning How to Purchase Non-Performing Notes

A friend of mine that had previously worked at an investment bank had brokered a pool that I put a bid on.

He always made it a point to ask me how my due diligence was coming along and if there was anything that I found unexpectedly.

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.

His conversation would go something like this…”So, what I will do is tell John about our conversation today in case you haven’t been in touch with him. I’ll let him that once you have everything finalized, you will be contacting him as well.

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 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 was aware of the potential “kick-outs”, in other words, notes that I might pass on. Some reasons to pass would be title issues.

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.

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