Has anyone heard of buying "notes"?

[Mathew Keehner]

I am a real estate agent and had a lady call in asking for a CMA and neighborhood information about a specific house in my town. She said she was an investor who was buying the note on the house and would list the property with me if she bought it. I asked around my office and I couldn't really get a clear answer on what she was doing. I was told it was a waste of time because the house was occupied and unlisted on the MLS or anywhere. I can't do a CMA if I don't know anything about the house I'm comparing. I told her I couldn't help her and she got very angry. Has anyone heard of anything like this?

[Tiffany Warren]

She can buy the note on the house but she won't be listing the house for sale without taking possession of the property through foreclosure or some other means (deed in lieu, etc). I'm not sure she understands that based on your post, or maybe she does 😉 But as mentioned before, promissory notes and mortgages are bought and sold for profit all the time.