Getting the collateral checked on a prospective note

[Franklin Fletcher]

Hi everyone, I'm looking for who to call about checking on the collateral for a note I'm looking to purchase.  I can't recall what those guys are even called...the type of company, what to google, etc.  I'm looking for someone in San Antonio.  Thanks for any help!

[Andy Mirza]

Another company that provides DD reports is Phoenix Collateral Advisors. They will also order O&E reports and incorporate the results into their reports.

As far as the normal sequence of events for those that want to know:

1. Agree on price

2. Get your digital copies of all note related documents

3. Order DD, O&E, and BPOs

4. Handle any discrepancies that your DD uncovers: Re-price, accept price as is, or kick the loan

5. Once everything has been cleared, both parties sign loan purchase agreement.

6. Wire purchase money to seller within 24-48 hrs of signing loan purchase agreement. (Don't mess this up!)

7. Seller ships physical collateral files with 1-3 weeks