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The Free Note Appraisal Trick - Know When You're Getting Tricked

April 13, 2012 | Comments: 0 | Views: 166

Why is it Free?

Offering to provide a free promissory note appraisal is a selling or marketing tool used by note brokers to attract unsuspecting note holders to contact them. By offering you a free service they get access to some of your confidential financial information. They learn your personal financial circumstances, your reasons for getting the note appraisal, and your motivational level. Then, all of this information can be used to further their own business purposes and goals, without any benefit to you or to your business interests.

In the selling business this tactic is known as a "bait and switch". The hook is baited with the free offer; after you take the bait the note broker switches the conversation away from the free appraisal toward selling your note for you, at a discount, and for a fee to himself.

Reality vs. Myth

In reality, the typical note broker does not have the education, training, experience or credentials to do professional quality promissory note appraisals. In reality, they do not even provide a bone fide note appraisal; what you are getting for free is a "note analysis" lacking any meaningful quality or authority.

In reality, they typically have paid $350.00 for an internet sponsored "educational course" consisting of one or two hours of talk. In reality, you may know more about the subject than they do.

One of the companies that is promoting this "free appraisal" selling devise says to its note broker clients: "Market Your Business With Note Appraisals." It then goes on to say: "If you are using this type of note analysis, your goal is to eventually buy the mortgage note and earn a referral fee in the process."

Nothing is said about providing a high quality, professional note appraisal.

Face the facts

If you want to sell your promissory note there is a legitimate, transparent market place consisting of ethical people who don't use tricks. These types of buyers will tell you what your note is worth to them. They will tell you their terms and conditions, clearly. It will then be up to you to decide if you are comfortable dealing with them or if you want to go shopping.

Connecting the Dots

If you want a professional note appraisal done by an experienced, qualified appraiser there are individuals and companies that do it. They cannot do it for free. Just as the electrician or the plumber cannot do their jobs for free. But, there are different levels of appraisal reports that used different levels and types information. Based upon the type of appraisal you need, and the amount of detail that you need, there are different prices charged.

Just as General Motors makes the Chevrolet and the Cadillac model cars, and charges accordingly, an experienced, trained appraiser can do different models of appraisal reports, and charge accordingly.

You should discuss your specific wants and needs with one or more qualified note appraisers. Get their preliminary thinking on your situation; get a firm price for their services before engaging them; understand what you are to receive and when you are to receive it.

Lawrence Tepper specializes in:

Promissory Note Appraisal & Valuation--and LLC Valuation and Appraisal

Expert Consulting Services

EDUCATION AND TRAINING

Law Degree /Accounting Minor University of Denver Colorado Real Estate Broker-- Promissory Notes Specialization Certified Commercial Investment Member From National Assoc. Realtors (CCIM)

PRACTICAL EXPERIENCE 35 + years of appraisal and valuation for Attorneys, CPA's, Estates, Trusts, Administrators, and Financial-Investment Advisors.

http://promissorynoteappraisers.com/

Source: EzineArticles
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