April 2nd, 2009 by Henry Miller

On How to Purchase Non-Performing Notes

Having a good broker while conducting your note buying business will prove to be a very valuable relationship.

I’ve received over 4 phone calls from on of my good brokers this week.

He was checking up to see where I was on my non performing note bid.

How to Purchase Non-Performing Notes, An Example of a Good Broker

I had bid on a pool that he had brokered out for a friend of his whom he used to work with at an investment bank before getting into brokerage.

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 he always ends with something that demonstrates to me that hes working to keep me and the seller on the same page.

He would always say something like “Well, what I’ll do is to tell John what youve just shared with me in case you havent already told John, and then I’ll let him know that you’ll be contacting him again once you’ve finalized everything. When do you think that will be?

How to Purchase Non-Performing Notes – The Value of a Good Broker

A good broker is always adding value and helping the relationship. This broker never got in the way and simply improved the buying process.

He is also aware and on top of what my bid is, what it means, why Im bidding, and what non performing notes Im bidding on.

He knew that there was a possibilty for some kick-outs, that I might pass on some notes because of title issues or fade in value.

You should be getting what you pay for. The broker should earn the commission that you are paying them. They should make the process of buying your non-performing notes easier.

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