My first purchase on Paperstac

[Eddie Fernandez]

I just purchased and closed my first deal on Paperstac on thought I’d share some pros and cons.

Pros-  Great selection of notes which made shopping for what I wanted easy. Once a property was selected the conversations between buyer and seller are recorded. The step by step closing process informing the buyer/seller whose action is next was streamlined. Finally, closing costs were reasonable.

Cons-  Quality control of closing docs. The Quit Claim Deed was hastily generated such as paragraph indents where there shouldn’t have been, missing information, and most importantly had the incorrect property ID from the County.  Worst yet, the seller was sent this incorrect QCD to sign and notarize which they did.  If it were not my due diligence reviewing the QCD it would have been a done deal.  This error caused about a 2 to 3 week delay to correct.  After pointing out errors to Paperstac, I never received an acknowledgment of their errors or even an apology for that matter which in my opinion is very unprofessional.  Secondly, the step by step closing process is great but there should be a time limit and better reminders  when the seller or buyer need to complete tasks. At least a 2-weeks was lost because myself or the seller were needed to complete tasks but neither of us knew it.  There should be an alert or something informing each party something is required before moving on to the next step.  Most importantly about the closing process, the deal should not be completed or closed until all necessary documents are received by both parties.  I still was waiting for the revised QCD to be signed by buyer and I received message saying this transaction was closed.

Lessons Learned-  Paperstac is it great place to find notes of all shapes and sizes.  For the most part, the closing process was streamlined and efficient. However, make sure you review all documentation before signing as quality control of closing documentation is lacking.  I still recommend it for purchasing notes, but buyer beware and check all paperwork thoroughly.

[Chris Seveney]

@Patrick Roberts

You don’t need a guru overpriced course for DD - get the collateral file and send to an attorney for review

If you know the process and what docs you need an attorney can review. Paying thousands to these gurus is not worth it imho