How to Buy Real Estate Notes – What if the Banker says: “We don’t sell Notes?”

On how to buy Real Estate Notes:

Here’s an email I received recently:

Hi Dean….the PAC webinar was excellent last night.
I listened in via cell phone. Thanks much. Can’t wait
to review via archive.

I’ve been busy cold calling banks and looking for
real estate notes.

Several bank contacts have told me that either the
“bank does not sell notes” or ” the bank does not
have any non-performing notes”.

When one hears these objections, should we accept
them as the truth or just blow by them and try other
contacts?

Thanks

John M.

[From Dean again:]

So, I’ve received a number of emails recently from
investors telling me that they’re getting the
following response from banks:

“Sorry, we don’t sell real estate notes.”

Or even better:

“We don’t have any non-performing notes.”

The former, I can believe.

The latter, I can’t.

If you get someone telling you: “sorry, we don’t sell
notes” there’s probably a 25% chance that what they’re
saying is right.

The best follow-up is …

Find someone else to call at the same bank!

If you got in via Loss Mitigation, try getting in
through the corporate HQ number and asking for the
head of secondary marketing.

Or try asking for the CFO of the bank directly.

If you get someone telling you: “we don’t have any
non-performing notes” you know there’s a 99.99%
likelihood that they’re either misleading you, or
clueless.

Most likely the former.

In this case, definitely reach out to someone else at
the same bank.

Try Will’s useful tip for finding bank contacts to buy notes.

And in terms of *WHAT* to say to the banker:

We have HOURS of amazing calls with various veteran
bank reps in the PAC membership area (30-day F.ree trial…)
and more live ones to come.

(May I say: it’s PR.ICELESS being able to listen to veteran
bank reps (in charge of note sales) giving *detailed* coaching
and feedback on EXACTLY what to say – what NOT to say.)

Plus there’s lots of detailed information
on that in the A-Z Note Buying Course.

Hope that clarified this a bit.

Nothing ventured, nothing gained.

Dean

PS: I am very happy to see that it is
getting busier & busier in the NBP Note Buying Forum

There are lots of smart folks chiming in already with great
info. Make sure you participate!

Let’s leverage the power of this group!

Hope you enjoyed this post on how to buy real estate notes!