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News By: MortgageDaily.com
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Tuesday, July 31
What are your guidelines for existing notes? What hits the hot buttons and gets your juices flowing? Are you looking for a certain amount of seasoning?
by
Maria Fee
on Tue 31 Jul 2007 12:58 PM EDT
We review information about the note itself (seasoning, down payment, terms and conditions, etc.) as well as information about the payor and the property to determine if it is a note of value and that we would like to purchase. To send a note for quoting, visit www.REMIKNOX.com and click on Sell Your Note - Free Quote and select either the form for an Existing Note or for a Note to be Created.
Are the mailing lists you purchase and use to find leads in other areas than your own backyard? If not, why would I not start with my own county courthouse research to find note owners?
by
Maria Fee
on Tue 31 Jul 2007 12:57 PM EDT
Yes, we are a nationwide note buyer. It is good to start in your area, because you are familiar with it. You want to purchase something you understand and wouldn't mind if you ended up owning it. This is essentially why we deal with real estate notes. When purchasing we consider numerous factors such as seasoning, the down payment, the payor's credit score, and location. There are basically three areas important to be knowledgeable about: the note, the payor, and the property.
Audio files I recommend listening to are:
Note Brokering Made Easy: Part 3 of the REMI KNOX Know-How Series
Whether you are creating a note, helping a client create a note, or you are looking to invest and/or broker notes, creating a marketable note is very important! Discover how to avoid risks and what to look for in potential borrowers.
Note Brokering Made Easy: Part 4 of the REMI KNOX Know-How Series
Leads and where to get them: how to go to the county courthouse and find leads and how to get leads from banks. Tips for direct marketing and your marketing calendar.
Owner Financing Made Easy: Part 5 of the REMI KNOX Know-How Series
How to structure notes and stepped payments.
Login to Membership and then click on the link below to listen to the audio:
This link will not work if you are not logged in, or you can scroll down to TAKE ACTION NOW (left hand column) and click on “Teleseminar Audio Library.”
Thursday, July 26
As a new Note Broker I need to know how I would be paid when submitting a note for consideration?
by
Maria Fee
on Thu 26 Jul 2007 06:24 PM EDT
When you broker a note to REMI KNOX, you may visit http://www.REMIKNOX.com and complete the Free Note Quote for either a New Note to be Created or for an Existing Note. We will then provide you a quote, as fast as possible provided we have all the accurate information. Once you have our quote, you then deduct your commission and send to the note owner. Commissions are paid after the transaction closings and we do not disclose the note broker’s commission to the note owner. The note broker determines their commission.
When buying a defaulted mortgage note directly from the bank, are the paperwork requirements any different than when negotiating a short sale with the bank?
by
Maria Fee
on Thu 26 Jul 2007 10:37 AM EDT
The bank will dicate the paperwork. You buy everything the bank signed on for and everything stays in place. With a short sale, you put the whole package together and you buy the property not the financing.
Tuesday, July 24
May I keep and use the simultaneous worksheet for future deals?
by
Maria Fee
on Tue 24 Jul 2007 06:26 PM EDT
Yes, of course. The form is also online on our website at www.REMIKNOX.com under the tab "Free Note Quote."
When making offers to homeowners; should I go ahead and put the property under contract before contacting you all or should I contact you all first, then offer the homeowner three options/offers?
by
Maria Fee
on Tue 24 Jul 2007 06:25 PM EDT
If you would like for us to purchase the note, then it would probably be advantageous for you to contact us prior to doing so to help structure the note and let you know if it is a note we could purchase.
How do I structure a note on a future deal? What's a safe % to work with? I'm thinking it's really based on concern factors such as the homeowner's situation and the value of home.
by
Maria Fee
on Tue 24 Jul 2007 06:24 PM EDT
Yes, it depends on factors such as the down payment and credit score. A good interest rate is 9%.
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