Reading all documents you sign

[Chris Seveney]

Wanted to share a post that I was discussing with others today regarding brokers and note sellers and their NDA.

I wanted to share this because the NDA I received notes that if the purchase of desired assets is not consummated you will be responsible for a fee? Now what does that mean. First it is not clear but if you bid on assets and the offer is accepted but you determine there is an issue with title - guess what you did not consummate the deal. It does not give any stipulations that allow you an out.

Also this “consultant” will have you indemnify them 100% but they will not provide any indemnification protection for you.

This is typically offered by people who we call “joker brokers” in the industry and they take the lowest of low hanging fruit and pass it off to newbie investors trying to make a quick buck. Honestly they give the business a bad reputation as there are some

Legitimate brokers out there.

But I caution all of you, make sure you understand what it is your signing and just not sign it. There are a lot of scam artists out there

I saw another post of a broker who lost their NMLS mortgage brokers license for unethical conduct and now trying to pawn off notes to people.

[Chris Seveney]

@Andrew Kroupa

Any seller who claims to be “direct” is a joker broker. Anyone who makes you sign an NDA for every tape is a joker broker. Anyone who wants money upfront is a joker broker. Anyone who does not know who services the loans is a joker broker.