Non-Performing Notes…!! What are they?
Non-Performing notes (NPNs) are accounts of borrowers which have been classified as distressed assets by banks. A perfect example is an overdue mortgage loan that is not producing income because the borrower no longer makes monthly payments. As a result of this, banks through their asset managers sell these notes in bulk to Note Buyers (NBs).
The hard to find Asset Managers
Most banks employ tons of gate-keepers that note buyers have to try really hard to get through to the right asset managers. Also, asset managers are often very busy and at times not available immediately to take calls from note NBs, hence regular follow-up is necessary, which in itself can be a time consuming and painstaking process.
Bad Note Brokers and their daisy chains!
Asset managers sometimes give their NPNs to Note Brokers to market them to note buyers. Well that’s an ideal situation; the reality is that most note brokers claim to have access to NPNs but really don’t and they are usually part of a long line of other note brokers making the same claims. A bad note broker is a real time waster because NBs will spend time dealing with all parties involved in the transaction only to find out at the last minute that the note broker never really had access to any NPNs or a real asset manager in the first place.
The cure! Virtual Assistants = direct access to Asset Managers
Virtual Assistants (VAs) play a vital role in the businesses of note buyers and they have all the time in the day to spend clearing past the bank’s gate-keepers in order to get through to the asset managers responsible for the sale of NPNs in bulk. There are also a lot of tasks that NBs can delegate to VAs; one of such tasks is for a VA to make sure that the NPNs for sale by the banks are still managed by the asset managers and have not been handed off to note brokers. VAs also makes sure that the assets managers are indeed the decision maker before introducing them to NBs.
Researching Property Values and preliminary due diligence; Highest and Best use of a Virtual Assistant
As soon as the NPNs have been forwarded to note buyers by asset managers, they can then scrub out sensitive information on the borrowers and send only the addresses of the properties to the VAs. The VAs can immediately assist the NBs by getting additional information such as the property values. Values are diligently and carefully researched in such a way that only values of comparable properties within a 0.5 mile radius of the property and less than 6 months transaction history is obtained. Hence, NBs are assured that the values obtained are recent and accurate. VAs make use of several real estate websites to extract the most recent data. VAs can also create Google and Bing maps showing all the pertinent information about each property in one click of the mouse as well as the aerial and/or a street level view. By calling the county offices or researching on their websites, the VAs can also help NBs research property taxes, research the Chain of Title and so on. The VAs can also assist NBs in getting “on the ground” support by finding the best Real Estate Agents or Realtors to work with NBs in order to get Broker Priced Opinions (BPOs) and also to list the properties when they become Real Estate Owned (REOs) usually after a foreclosure or a Deed-In-Lieu.
Note Buyer + Virtual Assistant = constant Deal Flow!
Banks are affected by the ongoing financial crisis, as a result, many banks have failed or either filed bankruptcy. This situation presents a profitable opportunity for note buyers who are ready to take charge and play a vital role in turning frozen distressed assets into income for banks, hence creating a win-win situation for all parties involved. By buying in bulk, these assets can be bought at a fairly huge discount. With the help of VAs, NBs will get direct access to the bank’s asset managers responsible for the sale of NPNs in bulk, and also will get the necessary researched information on the value of each property that will allow them to make better buying decisions quickly.
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