How do I place a Real Estate Note trade?

To purchase Real Estate Note shares, you must be a member of IRESE. You must also complete your Investor Account Setup. Become an Investor now.

Because purchasing requires the offer amount to be available from your IRESE account, you must first transfer funds to IRESE before you can start buying.

Once you have completed all of the above steps, just before you start to investing, you should read about the ins and outs of understanding Real Estate Notes.

Once your account has funds for investing, you are ready to buy. Go to the "Invest > Trade Notes" page and search for aReal Estate Note share that you would be interested in purchasing and click on that shares's title. Take me there

Detail Quote

This section displays detailed quote information on the selected share. Details include:

• Last Price - The price of the last buy or sell
• Today's Change - The change in price from the previous day's closing price
• Bid - The current price for selling shares
• Ask - The current price for buying shares
• Volume - The number of shares traded today
• Average Volume - The number of shares traded on average every day
• Day High - The highest price at which the stock has traded for today
• Day Low - The lowest price at which the stock has traded for today
• Year High - The highest price at which the stock has traded over the past year
• Year Low - The lowest price at which the stock has traded over the past year
• Open - The price of the first buy or sell today
• Previous Close - The price of the last sell on previous trading day

Share Chart

The quick chart shows the latest chart with the ability to quickly select alternate timeframes between 1 day and max years. For advanced charting capabilities, click "Detailed" link.

Financing Information

When you get to the Real Estate Note share page, you can view some information about that share. Details include:

• Principal Loaned - original amount of Mortgage Financing financed with this Real Estate Note shares
• Interest Rate - interest rate on the note
• Next Payment - amount of the next payment
• Payment Date - next payment date
• Origination Date - date the loan was originated
• Loan End Date - date the loan matures and should be paid off
• Loan Type - type of loan, can be fixed loan, adjusted interest rate or interest only loan
• Total Notes - total notes originated and available for trading
• Loan Balance - unpaid balance on the loan
• Loan Status - the status of the note payments
• Principal Received - amount of principal received
• Interest Received - amount of interest received
• Late Fees - late fees if any accumulated
• Service Fees - service fees if any paid
• Collection Fees - collection fees if any paid on the note
• Credit Grade - gredit grade of the property owner
• Origination Value - property value at origination
• Current Value - daily derived property value

Property Information

Property Owner provided an important data about the property.

Property Detailed Profile

In this section, you get more information on property "Lot Details", "Interior Details" and "Local Area".

Property Pictures

Property pictures provided by Property Owner and Broker at the time of listing.

Area Map

This section maps property physical address on the map. Various types of maps are provided.

To begin trading, click the "Trade" button.

You will then be asked to enter the following information:

• Action: Choose "Buy", which is by default if you want to buy shares or "Sell" if you want to sell shares.
• Sybmol: Share symbol, which will be filled in by default if you placing trade from share details page.
• Number of share: Enter the number of shares you want to buy.
• Order type and price: Select a pricing that meets your need (Market, Limit, Stop or Stop-Limit). Learn more about order types.
  • For Limit orders, enter the Limit Price and select All or None shares.
  • For Stop orders, enter the Stop Price.
  • For Stop-Limit orders, enter the Stop Limit Price and select All or None shares.
• Order Expiration: Select an expiration timeframe that meets your need (Good Until Canceled, End of the Day, Specific Day). Learn more about order expiration.

After clicking continue, you will be shown the trade data you specified on the same page, and asked to confirm your trade. A few very important things to note about bidding before you click that "confirm trade" button:

• When you place a bid, funds are immediately set aside in your account for that trade if you are buying.
• By placing a trade, you are committing and promising to fund and purchase the share should your trade be matched.
• If trade is completed, funds will be automatically transferred from your account to the trading party account when the trade is cleared.
• If your order is not matched, funds will be immediately made available for you to trade again elsewhere.
• Trades can be withdrawn at any time before they are completed. Learn more about canceling trade.

What price should I offer?

You should price a share that takes into consideration both the Property Owner's risk profile, the rate adjustment due to defaults, and the IRESE Real Estate Notes servicing fee. Learn more about pricing your offers.

Why are funds taken out of my account each time I place a buy trade?

Actually, the funds are never withdrawn from your IRESE account. However, they are set aside, or put in a holding tank of sorts, while your trade is active. If you trade is matched, then all of those shares would need to be paid as soon as the trade is matched. Our system operates this way because once a trade is matched, funds must always be available to transfer directly into the other trading account when trade is cleared.

What if my order can only be partially filled?

A limit order or stop-limit order will not execute until after the bid or ask price (for sells and buys, respectively) has been met or surpassed. If you choose All or None option, that when this happens, IRESE will attempt to complete your trade. If all shares can be traded, then the order will be filled and a trade confirmation will be generated.

If you did not choose All or None shares option, in some cases, the price of the security may fluctuate before all shares of the limit order or stop-limit can be traded, particularly for large share amounts. If this occurs, IRESE will leave the order open to see if the price returns to the limit parameters. If it does, then we will continue to fill the order. If it does not and the end of the market day is reached, then the partially filled limit order is closed for the day. The IRESE account portfolio positions are updated, a trade confirmation is generated for that day's activity and the trade commission will be charged.

The next steps are determined by the order expiration settings:

• Order set to expire at end of day: The order is closed and no further action will be taken. You may set up a new limit order if you wish to continue trading.
• Order is set as "Good Until Canceled": IRESE will continue to fill the remainder of the order on subsequent market days until the order is completely filled or until the default expiration date is reached (180 days after the order was placed) or until the order is manually canceled online. For every day that trading occurs for this open limit order, a trade confirmation will be generated and the trade commission will be charged.
• Order is set as "Expire On": IRESE will continue to fill the remainder of the order on subsequent market days until the order is completely filled or until the specific expiration date is reached or until the order is manually canceled online. For every day that trading occurs for this open limit order, a trade confirmation will be generated and the trade commission will be charged.