Posted by John Merchant on October 31, 2009 at 12:06:35:
In Reply to: mortgage note banker posted by Curtis Ross on October 29, 2009 at 18:34:32:
Since I've been burned more than once by so-called "experts" in note buying, I've tended to go more often to local investors when selling a note.
CL is a great resource for all of us as, if we'll study our local listings carefully, we'll find business people who obviously have some idea about time value of money, note yields, etc.
If you'll call a few of those guys/gals in your locale you'll make some great contacts and learn a lot about who's buying and wanting what.
And you won't be skinned or scammed by those "experts" who'll often just turn around and broker such a note and take their piece out of the middle.
I got a bitter lesson in this when an east coast note buying co, that advertised they bought notes, did me this way and it turned out that the local WA note I was brokering, was actually then sold by this well-known east coast firm to Metro Mtg in Spokane.
Which I could have done directly w/o the so-called "expertise" of the eaast coast firm.