Brokering Notes in The Note Business is a Lot Like Baseball

Bling, bling, bling the phone rings.  "This is Mr. Joe Note Holder looking to sell my note."

Me-"HELLO-this is Master Broker-thanks for calling-please tell me about your note..........  (now is the time to listen)

A)  Always have a blank Note Intake/Quote Request Form handy.

B)  Ask Joe for permission to ask a few questions regarding the note.  

#1.  "How much money did the buyer/borrower put down when he bought the property Joe?"

NOTE-If less than 10% strike one!

#2.  "Did you check the borrowers credit and if so-what was the score?"

NOTE-If they did not check the score-the score is probably not great or at least there is some doubt.  If this is the case or the score is less then 620, strike 2.

#3.  "What is the property worth and how much are you looking for today?"

NOTE:  If they want any more than 80% of the current balance-you are going to have a hard time explaining the Time Value of Money.  Unless the seller is realistic about pricing, strike 3 and they are out!