Even agents who are excited to use seller financing strategies to help their clients can be blocked by their broker… can you relate?
Why? Fear of the unknown and liability.
What if you and your broker could be indemnified?
Honestly, there SHOULD be potential liability for participating in something you won’t take the time to understand, especially if it harms clients to whom you owe a fiduciary responsibility.
Way back in the day, a guy who was desperate for cash brought me a note that I couldn’t buy for any amount, because it was non-performing and strategically uncollectible.
He bemoaned…
“When my agent brought up the idea of seller financing, I asked him if there was anyone who could help us put this deal together properly, and he told me no.” ~ that’s an agent that could get sued.
Agents, there’s a reason you don’t advise your clients on legal matters. You would be operating outside the scope of your license and expertise.
You should understand enough to articulate the owner financing message, but then turn over interested clients to:
- attorneys and
- seasoned note professionals
for their unique contributions to seller financed transactions.
And not just any attorney…
Ones actually versed in the field who can do more than say ‘NO’ to ‘CYA’ because they can’t get sued for something they tell you not to do.
And why a seasoned note professional?
Banks only make loans they can sell for a guaranteed price up the food chain to Fannie and Freddie.
Sellers need to be aware of the equivalent parallel process in the private sector so they go in with eyes wide open, knowing EXACTLY what their note would be worth if they should ever decide to sell it.
Or even more importantly… so they can reverse engineer the terms to optimize financial outcomes for themselves and their heirs.
When you put the right team together, there are companies that will indemnify you and your broker against any liability for participating in a seller financed transaction.
Most listing agents only have one trick up their sleeve: price reduction.
Most buyer’s agents cannot work with capable buyers (usually self-employed) unless they can/will get qualified with a traditional lender.
I get it, most people are wired for conformity.
Stepping outside the box, coloring outside the lines… that threatens our primal need to belong.
Without a tribe we die.
But some of us welcome the calling to be an outlier, a scout… to foray out ahead into the unknown and bring back information critical to the survival of the group.
In the times that are presently unfolding, appropriate use of seller financing strategies is no longer a luxury.
It will mean the difference between:
- agents surviving financially
- sellers being able to sell quickly for at their price
- strong buyers being able to buy
- tired landlords having an easy and viable option for retirement
When we incorporate the private secondary market for notes into the mix, we complete the full circle required to ‘create financial solutions, just one Mom ‘n’ Pop to another.’
This is a grass roots, power-to-the-people Aquarian movement.
I am building a national database of agents that are ready to intelligently and strategically deploy owner financing…
I’m now drafting into my royal Navy (Seller Financing) Seals 🦭😜
If you’re licensed and the calling stirs within, please SIGN UP.
If you’re not an agent, but you want to profit from connecting me with other licensees, I have programs coming soon that will:
- provide ways to profit from consultations and retainers
- earn a fee if I’m ever able to buy a note directly or indirectly from any connection you’ve been responsible for making
- every agent, seller and buyer lead will be tagged with your name
Let’s do this. The world is changing, let’s overlay the blueprint we’d like to see emerge from the chaos.
I appreciate each and every one of you.