Where's the best way to buy defaulted notes? Are there "note brokers" out there?

I've tried contacting some local banks, but haven't really gotten anywhere. Thanks for any feedback!
In Buying Property - Asked by Charles P. - Feb 16, 2012
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THE Commercial Real Estate S.
Broker/Agent
Atlanta, GA

The large banks typically sell them in bulk portfolios and are usually auctioned or bid to the highest bidder, typically not marketed in the open unless the FDIC or other gov. entity is involved. Smaller and regional banks will sell them individually, or on an as-needed bases; usually in house or with a local broker. The size and type of the note(s) you are looking to purchase will dictate where you will want to look. We represent investors buying CRE backed notes & possibly could help you. For more info visit THE Commercial Real Estate Specialists . com Hope this helps, Regards D. Chris Smith Broker & CEO

Feb 19, 2012
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Jay Z.
Broker/Agent
Phoenix, AZ

This market has been restricted to the big players. Multi-million dollar bundles. You can find some of them in the Wall Street Journal.. There are some non-performing notes sold at auction. com ( i don't work for them and it is free to visit).
A lot of these are staying on the banks' books as "assets" long after they stopped paying. The banks won't sell them for what they are worth.. maybe 15 cents on the dollar.

Feb 20, 2012
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