I just starting to work with people that sell notes: REOs, NPNs, Commercial etc.
Their minimum purchase in REOs is 10 Million and the NPN minimum is 20 Million.
What is the best way for me to make sure I will get paid?
Is it there a contract, and if yes which one that I can have them sign?
Should I be paid by the seller or the buyer?
Thank you for the feed backs.
Welcome to BP, Lia!
Sounds like you want to go elephant hunting with a slingshot.
Before there are contracts signed, there are proof of available funds with principals, can you play that game with your money?
What is your plan? You brokering, slicing and dicing notes from bulk sales, have license will travel thing?
Who do you plan on representing? That's your first obligation and contract matter. :)
I connect sellers with buyers. The buyers have to provide POF and sign LOI.
I just get the referral.........that's why I was interested in knowing how to best handle the situation. I want to be honest and legit with everybody. This new opportunity of different way to work in the RE world would really change 100% my life, finally for the gooI am looking forward to your suggestion :)
There is a lot of paperwork if you want to broker notes, plus you should check to see if you are required to have a brokers license in the states where you are attempting this. Many brokers ignore the licensing aspect, but that could come back to bite them if the deal goes sideways.
Thank you for your point.
I guess what I am really trying to do, because of the high demand, I am connecting seller with buyers. I was just wandering what is the best way to handle it.
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