Note Finders vs Note brokers

[Shelley Ballance]

I have read several post by several different people trying to define note finder and note broker and the legal mambojambo! The easiest thing to do if you are just starting out is to call you state real estate commission and ask questions! Explain exactly what you do and they will ask you questions and tell you exactly what you need to do and who you need to talk to. I have been fortunate enough to not really run into anyone who would not deal with me but I understand why buyers dont want to deal with note finders..... its a headache at times especially when there is a note broker chain (the note has went thru several brokers to find the deal) when this occurs the amount of trouble that the note buyer will have to go thru to get hte information needed tends to be a headache. And it delays the process of getting the deal closed in a timely manner! Ther are also times when the note seller does not want to deal with the note finder due to our fees which is another reason not to have a broker chain because the bid on the note will be driven down by the time it gets to the seller. I am grateful that I have not really had to deal with this much. I have had wonderful buyers who have helped mee get my business started and I do work with one other note finder but we have it to when we get a bid then there is only one person who talks to the seller to cut down the middle man and more than likely that will be the buyer. If everyone can just work together things go a lot smoothly! If a buyer or seller doe not want to work with you then move on there are more buyers and sellers that will! Good Luck to everyone! And I hope yall can all find a common ground

[Chris Martin]

I know Shelley doesn't intend to give legal advice, but my experience with the statement "The easiest thing to do if you are just starting out is to call you state real estate commission and ask questions!" may lead you down the wrong path. Your attorney will provide legal guidance in your best interest and a good attorney can help guide your real estate business (licensed or unlicensed) to conform with accepted state practices.