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tods5eshoes · Wysłany: Sob 22:46, 19 Mar 2011 Temat postu: north faces jackets 3303

How to Buy Notes - Note Buying, Knowing your Enemies by Dean Engle
How to Buy Notes... You and Your Seller
Sun Tzus is a famed Chinese warrior and everytime before going into battle he would instruct his soldiers to know their enemy.
This same belief is also true with note buying.
Knowing your seller should be the mantra for any note buyer or broker for that matter.
Why is this?
Not knowing your seller will place you in a position where you will be entering a negotiation with no idea of what your negotiating tactics will be.
How to Buy Notes - My Recent Bid Example
A bank has the mortgage on a house in Salt Lake City and they want to sell the 1st.
Since the borrower hasn't paid on their note in over 120 days and the fact that the note had already matured, the whole loan could be called due.
The foreclosure notice has not been served to the borrower by the bank.
They want to know if you would be interested in buying their non performing note.
The first thing to look for is price, what should I offer? Helpful documents are the title report and BPO. Also,[link widoczny dla zalogowanych], contacting a local realtor for comps.
Then I submitted by bid.
I was told by my rep that she would need the approval from senior staff.
She became very hesitant to answer my questions when I asked about the situation of the borrower and where she needed pricing to be.
Her behavior was suspicious to me so I decided to probe for more information. When I did, she clammed up and would not discuss anything further with me.
There was something fishy going on with this note buying deal.
I have never been in this situation before,[link widoczny dla zalogowanych], when dealing with one individual loan. The bank reps reaction was very odd.
How to Buy Notes - Talking to the Banker
I gave her a call back and tried again.
I am assuming that your bank has a unique relationship with the borrower,[link widoczny dla zalogowanych], is this safe to say?
That is absolutely true, she replied.
It grabbed my curiosity as I wonderered what was going on with this defaulted mortgage.
I was aware that she wouldn't reveal any information to me other than yes and no answers, but I kept probing.
Is there a reason why the bank hasn't foreclosed yet?
Yes.
If the bank forecloses it would put them in a difficult situation, right?
Yes, that is right. I can't share anything further with you.
I have one last question. Is it safe to assume that the bank is more concerned with the exit strategy rather than price in selling this nonperforming note?
Yes,[link widoczny dla zalogowanych], that is correct.
What is going on with this note deal?
After a couple more phone calls, I was able to piece together some information. The borrower was a woman who was well connected in the Salt Lake City political cirlces. Her ex-husband happened to be a close friend of the banks President.
They could find themselves in political mayhem if the bank foreclosed on this woman. To get around it, they decided that a note sale to a 3rd party investor would be easier. That way they would be rid of the nonperforming loan.
Lessons Learned on How to Buy Notes
If you don't take the time to probe around and find out what your sellers particular situation is, you will completely miss the sellers key negotiating points.
The bank was more concerned with our exit strategy rather than price. They wanted to know how we would work out the note with the borrower.
How to Buy Notes - Action Items
1. Understand why a bank is selling their notes or pool of notes.
2. Figure out the negotiating points and what are the reasons why the bank is trying to sell their defaulted mortgage to you. It is usually one or more of the following:
a. Pricing
b. The amount of time it will take you to close
c. Can you close a deal? (the bank cares more about the fact that you can close rather than the price you are offering for the discounted note)
d. Your note buying exit strategies
So the next time you are taking to a bank about buying notes, remember these key points.
You will become a much better note warrior!
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