non performing notes - what does a buyer need

[Nancy Dito]

I just received about 5 non performing notes for sale - they are in the higher $ range. The seller wants the buyer to provide a proof of funds before they are even allowed to get info on the note to complete their due diligence. What would the buyer need so if they wanted to buy the note they would have enough info to do so? These notes are bank owned and are being offered at 50% LTV.

Thanks,
Nancy

[Marc Faulkner]

I think the sellers must be crazy asking for anything other than help selling in this BUYERS market. Why would a buyer provide proof of funds or a Letter of Intent to get a look at something they might not even want? Real buyers don't have the time for this.