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Tip of the Week
Did you know....
On average a note broker's
commission can be from 3% to 10%
of the face value of the note,
sometimes less or sometimes
more. There is no standard
fee or rule or thumb, you can
negotiate what looks and feels
good to you in each situation.
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New York, NY
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March 17, 2012
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Los Angeles, CA
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Chicago, IL
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Quote
of the Week
"An optimist sees an opportunity
in every calamity; a pessimist sees a calamity in every opportunity." ~ Anonymous
 President's
Corner
As I entered the department
store the other day, I held the
door open for an overburdened
woman trying to head inside with
a couple of children and a baby
stroller. I could tell she was
truly grateful for this very
small act. She seemed rather
surprised that anyone these days
would be so kind.
A note holder called a few days
ago inquiring about selling his
second position note. It was a
very small second behind a very
large first on a commercial
property with no down payment.
I briefly explained to him the
low value and the high risk of
his note and suggested that he
either hold onto it and hope for
the best or to possibly put an
ad in an area paper to try and
sell it to a local individual
that wouldn’t mind the risk. He
commented that I was the fifth
company that he had called and
the other four either laughed or
rudely stated that they don’t
buy seconds and hung up on him!
He appreciated very much that I
took the time to explain the
reasons behind why most of us do
not like to buy second position
notes.
These two events started
me thinking about small acts of
kindness. We may think they are
small but how do others perceive
them? Good Note Brokers perform
small acts of kindness all the
time. They are so second nature
to us that we don’t even think
about them. I firmly believe it
is a part of a Note Brokers
psyche to want to help people.
So the next time you assure an
anxious note holder or coolly
handle one that is upset, know
that you have made an impact.
Let’s turn the tables and look
at things in a positive light.
It is within our power to
celebrate the small stuff we do
every day. Be happy about the
little things that bring others
joy and ultimately DO matter.
Good things will always come
back to you in some form or
another
Remember, Success Demands Action! Keep
on marketing, it’s going to work! TWITA!
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Feature Article
Communication Secrets
One of the most overlooked
pieces of being a successful
note broker/consultant in any
niche is your communication with
the person that is receiving the
payments on a particular income
stream. To keep with the Tricks
and Tips theme of this issue I
will give you a "treat" with
some insight on how to better
communicate with our potential
sellers.
In a service industry like note
brokering, you are the product.
The competition for the note
seller’s deal is seldom decided
by money; the choice is between
note brokers. If you are to
distinguish yourself from other
brokers, you must learn to
communicate with note sellers
(or professional referral
sources) in terms that are
meaningful to them. In
every attempt with each
potential note seller your
communication must help the cash
flow seller. You need to try to
do three things,
Read More... |
Question of
the Week
Q - I have been
working with a lady for about two months now who has agreed to
take a bid for a land note that she has, but she unable to find some of her original documents like copy of the signed note, and the settlement statement. Is there a way to retrieve these documents from anywhere or are the originals the only ones we would be able to work with to move forward with the brokering
process? - Mike S.
A -
The first place I have them look is the place where they closed the sale of the
property. The Real estate attorney, title company or escrow company may have
those documents. After that, if the note is being serviced the servicing company
will have the original note. They can also look in their property file, their
safe deposit box or anywhere else they put important documents. The settlement
statement can be overcome with copies of proof of the down payment. However, the
original note is the one document that we have to have, that is the document we
are purchasing and it must be an original. If the note is lost the only thing to
do is to go back to the buyers/payors and ask them to sign a new (copy of the
original) note and usually buyers have no incentive to do that. I hope she can
find the note!
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Been trying for awhile with limited
or no results?
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