Posted by John Behle on March 23, 1999 at 18:37:25:
Nice deal.
Ecrow /Title companies - Posted by Reif
Posted by Reif on March 21, 1999 at 16:40:26:
John,
I missed something in the course.
You mention that escrow/title companies are good sources for notes, but it seems tome that they would be on the wrong end of the process.
It seems to me that the escrow companies would be seeing private paper getting paid off ( on refinances and property transfers) making it too late for us.
Unless someone wants to sell a newly created second right away.
Is that the point?
Thanks,
Reif
Yes - Posted by John Behle
Posted by John Behle on March 23, 1999 at 18:35:46:
They are right there when the note is created. They can refer you to them or them to you. Newly created notes are fine.
You can provide services such as collections, collections training, amortization schedules, Note Owner’s Handbooks, etc.
In some cases, they can be your best resource. Title companies can also be sold on the idea of referring the deals to you that have problems or don’t close. One of my franchisees calls this approach the “Transaction Engineer” approach. Another calls his approach the “Bomb Squad” - Let us Defuse the Bombs in your Closings.
This works very well if you are set up to handle other types of financing and bring other tools to the table. The tools that we use are a knowledge of exchanging, taxation, alternative financing, conventional financing, charitable trusts, etc.
Re: Ecrow /Title companies - Posted by drew
Posted by drew on March 21, 1999 at 18:47:18:
Reif,
I’m sure there are other reasons, but here is what I think…
The escrow/title companies close all kinds of RE transactions including ones where a seller carries financing. When this happens, your friendly escrow officer could mention that he knows a guy that buys notes…that would be you!
Kind of the same approach as working with Realtors.
-drew
Re: Ecrow /Title companies - Posted by Ken Burnett
Posted by Ken Burnett on March 22, 1999 at 19:47:26:
Don’t discount the title companies. The first notes I ever brokered came from a lady doing title search at the courthouse. I was there looking for recorded seller financed mortgages and she was there doing a title search and we got to talking. She told me about a man that does owner financing on all his properties (which was several). I called the man and he had a development with over 100 homes that he had carried financing on. I ended up brokering over half of those and got off to a great start. In other words, talk to title companies!
Ken