Has anyone heard of buying "notes"?

Question

Julian Buick · Answer

@Mathew Keehner what she is asking for is a BPO (broker price opinion). You can find out details about the house from the county website, I.e. How many bedrooms, bathrooms, square footage etc. then you drive by the house and take a look at it. The exterior condition of the house is usually a pretty good indication of the interior condition. Then you pull comps from the MLS of recently sold homes in the neighborhood and estimate what you think the house is currently worth. Most BPO's usually cost about $50. Most RE agents offer this service. She probably got angry because she thought you were just blowing her off.

Tiffany Warren · Answer

She can buy the note on the house but she won't be listing the house for sale without taking possession of the property through foreclosure or some other means (deed in lieu, etc). I'm not sure she understands that based on your post, or maybe she does 😉 But as mentioned before, promissory notes and mortgages are bought and sold for profit all the time.

Mathew Keehner · Answer

@Jay Hinrichs they only thing I can find out is the sq ft. I just wondered what she was doing. Thanks for all the responses!

Jay Hinrichs · Answer

Yes sometime I just forget how computerized and modern we are on the West coast.

Jay Hinrichs · Answer

PS this person who called you is probably fishing I would not do this for them without compensation.. usually 50 to 150 dollars for a BPO...

Jay Hinrichs · Answer

@Mathew Keehner  does your tax collector not have sq ft bd ba on line. and is there not a link right on your MLS system to view that info in about 30 seconds ??  we have it here in Portlandia..

plus there is a site called Portland maps that has all sorts of data owner.. when they bought it last recorded deed tax assess  sq ft bed bath size of lot.. were the sewer storm and water lines in the street are.. year built type of construction and many times the style  ...

your county GIS may have it as well..

Mathew Keehner · Answer

I told her I could do a BPO if I could get information about the property or access to it and she became angry and acted like I should do all this work for free.

Wayne Brooks · Answer

You do a comp like any other property, I don't see the problem, other you don't know the interior condition.  Buying notes has been the "in" thing, in theory anyway, for the lastt few years.  Notes in default get traded all the time.  You search in the box in the upper right corner for it....100's of discussions about buying notes, and the traps with them.

Has anyone heard of buying "notes"?

Most Popular Reply