Did you know....

       Before giving a Note Holder options and prices for their note, find out if your potential note seller has problems that your options will solve.  That way you'll only give options to note holders who are interested and qualified.

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President's Corner

       My business has evolved through over 23 years of consistent effort and I've enjoyed several repeat clients over the years. One, in fact, has now sold me over a dozen notes and used me to appraise her note portfolio.

       I am continually asked how we get new note holders to contact us.  At times the quick answer is: "Simple, get note holders to sell you notes, remember you and have them tell a friend."

       Repeat business comes from forming solid, working relationships based on trust and continually fulfilled expectations. Few people in business want to start from scratch, so it's only natural for them to want to repeat a pleasant experience. But break that trust, fall below expectations or simply be a jerk and you not only lose today's business, you lose the chance for years of future business.

       Along these lines, and I know how formulaic and basic this may seem, a great tool for maintaining and reaffirming relationships is sending birthday cards every year. It works with existing clients and it's a great way to maintain "top of mind" awareness with past note sellers.

       The Note Business and really any business is more than simply selling as we talked about last week, it is truly about building relationships.

       Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          When we buy a partial what happens if they refinance after a short period? For example if we buy 5 yrs of payments and they refinance in 1 year?  Also, what happens if they don't pay?  Who is charge of the notification of default, legal fees, and if money is received say as a settlement how does the money get divided up between "us" and the original note holder in a partial situation? ~ Charles

A - Hi Charles! 

         In short, in the event of a payoff the note seller is given a partial amortization schedule so that if the note does pay off during the term of the purchased partial the note seller would be able to see exactly what they will receive from the payoff amount.

         If the note goes into default then usually the investor will notify the note seller and the note seller will have 45-90 days (depending upon the investor to do 1 of 2 things. Either 1) pay off the amount owed to the investor from the date of the default and foreclose themselves OR 2) sit back relax and let the investor foreclose. Then the investor will foreclose, take back the property, re-sell the property THEN the investor will recoup their costs for the foreclosure and resale, keep the amount purchased still owed to them and whatever profit is left over would go to the note seller. Hope this helps! TWITA! ~ Jeff

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