Broker...Buyer ??? - Posted by toNY

Posted by Josh on March 24, 2003 at 09:26:07:

You may want to make sure that whomever you’re talking with is aware that you work with other people, as they’re ultimately going to be involved in the transaction, to minimize the seller freakign out when someone else’s name comes up.

Broker…Buyer ??? - Posted by toNY

Posted by toNY on March 22, 2003 at 21:13:41:

Does a broker refer to himself as a buyer or broker of notes to the seller of the note.

Doesn’t the seller find out at closing, who actually purchased his note?

If I represent myself a broker to the seller, he may reason that if he’s dealing with one broker there must me other brokers, so he may as well shop his note.

However, if I state to a seller that I am a buyer/investor of notes, and those I don’t choose to buy I pass along to other investors, he may feel more comfortable in the deal.

I’d like to hear how others handle this/ represent themselves to sellers.

Thanks toNY

Re: Broker…Buyer ??? = semantics - Posted by Michael Morrongiello

Posted by Michael Morrongiello on March 23, 2003 at 13:07:59:

To New Yawk;
If you take title to the mortgage and then resell it, you could technically call yourself a “buyer”, however if the Mortgage is directly assigned to an investor (Note funder), then you really are acting as a “broker” and there really is nothing wrong with that.

Unless you have the financial wherewithal or means to fund transactions with your own funds one should not label themselves as a “buyer” or investor.

A Note seller is typcially going to make a decision to work with an invidual or company that they feel they can trust, has some rapport establishe with, and conducts themselves in a prompt professional manner.
The rest is all semantics…

To your success,
Michael Morrongiello