Note Investing
Everybody, Chris Seveney here who my morning drive discussing note investing, hope all is well. Uh, sorry for the darkness in this video. I'm actually in a parking garage and Georgetown and you, uh, if you've never parked in a garage in Georgetown, it will definitely test your skills in regards to being able to cut corners in parking. Very tight spaces to say the least. Uh, they typically really pack them in these garages.
So, but with that being said, hey, today I want to talk about a wholesalers in the note industry because a lot of times they get a bad name, a called joker brokers and I as a broker I have worked with in the past a lot about 10 notes from who's legit broker, who understands the note industry. But I wanted to bring up because I got an email this morning from somebody who was a broker wanting to sell me an asset.
Bidding
And I looked at it and said, hey, it's worth, you know, throw a number out about 20 grand is about what it's worth without really doing a lot of heavy lifting because it had a fair market value of about 40, 45,000, I'm in a tough state to foreclose in. And he comes back and says, well the UPB is 200,000, they want one 60 and I've got multiple bids over $100,000. And I just kinda looked at him, chuckle. And then I replied back, polite. I am like, thanks not interested.
And I'm just curious to get the response back. I can be, you know, a little sarcastic and a at times and so forth. But I wanted to share that with you as well because there's a lot of people out there. And the reason I wanted to share it is that we'll send you stuff and you know, make sure to ask a lot of questions up front of pricing expectations, closing time. I had one where the guy said, oh yeah, we'll accept that bid. You need to close in 24 hours.
Notes and bolts
And like, okay, I need the order. No one a bpl. Oh we don't allow those. And I'm like, okay, thanks. You know, thanks. But I'm good. So make sure you know, you always ask those questions. And uh, you know, typically I tell people, Hey, look, I'm looking for two weeks to close, you know, by the time you get your one report from protitle might take three, four, five days to get that.
And I'm just curious to get the response back. I can be, you know, a little sarcastic and a at times and so forth. But I wanted to share that with you as well because there's a lot of people out there. And the reason I wanted to share it is that we'll send you stuff and you know, make sure to ask a lot of questions up front of pricing expectations, closing time. I had one where the guy said, oh yeah, we'll accept that bid.
You need to close in 24 hours. And like, okay, I need the order. No one a bpl. Oh we don't allow those. And I'm like, okay, thanks. You know, thanks. But I'm good. So make sure you know, you always ask those questions. And uh, you know, typically I tell people, Hey, look, I'm looking for two weeks to close, you know, by the time you get your one report from protitle might take three, four, five days to get that. Note Investing