On this week’s podcast I talk about 10 ways you can become a better note buyer. I go into a full discussion of these on the podcast, so I’ll just give you the list here. They are in no particular order:
- Make sure the seller knows you aren’t going to try to broker their notes
- Know your buying criteria
- Ask the seller about their expected closing timeline
- Ask the seller about their pricing expectations up front
- If you aren’t submitting bids, still follow up with the seller
- Don’t make lowball offers
- Be clear about your assumptions when submitting a bid
- If you find a problem in due diligence, let the seller know right away
- Don’t be inspector Columbo
- Understand that you are not originating a loan
The bottom line in all this is that asset managers want to work with note buyers who will close. These guidelines can help keep you moving towards that. In the cases where you can’t close on a note they will help set you up to do that in the future. Remember……
You can listen to the episode on iTunes here or watch it on YouTube:
