How Offers Work on FIXnotes

Placing an Offer

Any registered buyer can submit an indicative offer on any available asset, at any time. Your offer includes a price and an optional comment to the seller.

Every asset with active offers displays the current high bid and total number of competing buyers — so you always know where you stand before placing or adjusting your bid. Your dashboard shows a real-time competitive indicator for each of your offers: whether you're leading, close to the top bid, or outbid.

Offers remain active for 30 days from submission. You can adjust, withdraw, or re-submit at any point before acceptance. Adjustments are unlimited. You can track your offer status and history from your dashboard. No offer is ever carried forward without your explicit consent.

There are no fees to buyers.

Selection — Around the 15th

Each month, the seller reviews all standing offers and selects which assets to trade. To prevent last-minute sniping, the selection window is not tied to a specific time — acceptance may occur anywhere from the 14th to the 16th.

Selection is at the seller's sole discretion based on price, buyer volume, speed of close, or portfolio strategy — the highest bid does not automatically win. The seller may accept, counter, or hold any asset for a future cycle.

Not every asset with offers will trade each month. If your asset isn't selected, it reflects the seller's portfolio timing — not a rejection of your bid.

The seller may also remove any asset from the marketplace at any time. If an asset you've bid on is delisted, admin will withdraw your offer and follow up directly.

Counter Offers

The seller can counter any buyer before or during the selection window with a revised price and optional note.

Other bids remain active while a counter is pending — the asset isn't locked until a counter is formally accepted. The seller may counter multiple buyers on the same asset. First acceptance secures the deal.

You have 48 hours to accept, decline, or counter back with your own revised price. A counter-back sends the negotiation back to the seller for another round and resets the clock.

Due Diligence — 21 Days

Once your offer is accepted, you enter an exclusive 21-day due diligence period:

• You are the only buyer with access to full asset documentation — loan files, servicing history, borrower communication records, and title information
• The asset is marked as Pending on the marketplace during your DD period
• You complete your research and decide whether to proceed

Day 21 is the target completion date — where FIXnotes expects buyers to wrap up and schedule closing. Missing day 21 does not automatically void the offer. Extensions may be requested and are granted at the seller's discretion.

The 45-day backstop. The marketplace enforces a 45-day cap from acceptance. If day 45 elapses and the deal is still in DD — not closed, not failed for a material issue, and the seller hasn't already marked the asset Sold or Resolved — the platform auto-fails the offer, a strike is recorded, and the asset returns to available. Admin-granted extensions push this deadline further; they never pull it in.

Closing — 7 Days

After completing due diligence, you have 7 days to close.

What you're buying. Assets are sold as-is. The seller provides representations and warranties that the collateral chain is complete: note, mortgage, assignment, and allonge. Everything else you verify through DD.

How it works:

• You wire funds directly to the seller
• FIXnotes prepares the assignment and allonge
• The seller signs, notarizes, and ships the complete collateral file to you
• The seller's loan servicer sends the RESPA goodbye letter to the borrower
• Your servicer sends the hello letter and receives a boarding package with final payment data, escrow balances, tax and insurance status, and account history as of transfer

If you can't close within 7 days and haven't communicated a documented reason, the deal expires and a strike is recorded against your account.

If you find a material issue — title defect, undisclosed lien, property condition problem, data discrepancy — you can exit without penalty by providing evidence (BPO, title report, or other documentation). Legitimate issues are not strikes.

Resolution Reporting

After closing, the buyer works the asset through servicing and resolution. FIXnotes tracks resolution outcomes to build a public track record of deal flow quality.

Buyers report resolution outcomes through the platform. Each resolution includes the type, date, and amount recovered. Resolved assets remain on the platform with their outcome visible — creating a growing dataset of sale-to-resolution performance that benefits all buyers evaluating deal flow quality.

UPB Discrepancies

Offers are priced relative to the listed unpaid principal balance. If the actual UPB on the loan servicer's system differs, the price is prorated proportionally.

Example: you bid 60% on a note listed at $50,000 UPB. Actual balance is $47,000. Your purchase price adjusts to 60% of $47,000 ($28,200). Any overage funded before the discrepancy is caught is refunded.

Buyer Standing

FIXnotes tracks buyer behavior to maintain a trustworthy marketplace:

• Deals closed build your track record
• Strikes are recorded for failure to close without documented cause
• DD withdrawals are permitted, but a pattern of repeated entry and withdrawal may be flagged

The seller can review your transaction history and standing when evaluating your offers. Buyers with multiple strikes may face review, restricted access, or suspension.

Status Changes and Runner-Up Bids

If an asset's status changes while you have an active offer — workout disposition shifts, property condition issue identified, seller removes the listing — admin will withdraw affected offers and follow up directly. You may also withdraw your offer at any time, for any reason, with no penalty.

If the awarded buyer walks away during DD or fails to close, the asset returns to available status. The seller may offer it to a runner-up bidder from the same cycle or relist for the next month. This re-offer is handled manually — runner-ups are not automatically notified of a DD failure. Runner-up buyers are never obligated to honor a previous bid.

What Happens to a Rejected Bid

Your dashboard splits rejected, withdrawn, expired, and failed bids into two buckets so you can tell what's still worth acting on:

• Revisit — the asset is still reachable. Your bid lost the round but the asset returned to Available (counter declined, counter expired, another buyer's DD failed). You can re-bid with one click.
• Closed — the asset is under contract with another buyer or has sold. Nothing to do here.

A colored dot next to each row reflects this at a glance: yellow for Revisit, green for Active or won deals, red for Closed-lost. Every bid stays in your history regardless of outcome.

Summary