Author Topic: Glitch in platform? - open sell orders not showing up as browse-able  (Read 484 times)

trader

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Is anyone else having trouble with FolioFN not actually listing their notes for sale even though they are in your open sell orders? I've had this going on for a couple months where I'm listing notes but I can't see them when I browse. I've reset all filters, so that is not the problem. I'm pretty confident that they are not really listed for sale at all because I have some notes more discounted than what is currently available and no one is picking them up.

Anyone else seeing this? Any ideas on how to fix? I've repriced, I've cancelled sell orders and relisted, I'm out of ideas. Some notes do list, but at this point it is a minority of my notes I'm interested in selling.

Fred93

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I've not seen it, because I seldom sell notes.

However, I have heard many people make this complaint, so know that you are not alone.

Please tell LC about your experience and demand a sensible answer.

kuhnrl30

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FolioFN not actually listing their notes for sale even though they are in your open sell orders

Same here.  I contacted LC about it and they just pointed me back to the documentation....

Dark Vulture

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Yes, it is an annoying problem. For me, it only happens when I buy a note on folio and try to resell it quickly before the next payment due date. For some reason, after the next payment due date, the note will appear in the listings like magic.

Are your notes you are trying to sell bought from folio?

Dark Vulture


Fred93

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FolioFN not actually listing their notes for sale even though they are in your open sell orders

Same here.  I contacted LC about it and they just pointed me back to the documentation....

Unfortunate.  LC customer service ain't what it used to be.  If you have the gumption, press the point.  Gotta get thru the first layer, only-slightly-trained people.

Rob L

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And why exactly does LC have any incentive to spend money fixing / improving this?
If there is a LC todo list this has to be at the bottom. Take what you have because it ain't gonna get better.
Who would be surprised for LC to pull a Prosper and ditch Folio completely? Anybody?

Lovinglifestyle

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I would so not be surprised that I can't wait for Monday to see if my final 4 notes make it through "execution of sale order" on Monday!  This issue of being the only secondary market left is what made me escalate liquidation!

dr.everett

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FolioFN not actually listing their notes for sale even though they are in your open sell orders

Same here.  I contacted LC about it and they just pointed me back to the documentation....

Unfortunate.  LC customer service ain't what it used to be.  If you have the gumption, press the point.  Gotta get thru the first layer, only-slightly-trained people.

And they wonder why everyone's leaving?  >:(

mark78

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Re: Glitch in platform? - open sell orders not showing up as browse-able
« Reply #8 on: July 08, 2018, 07:17:13 AM »
I'd really like to understand this, and am more hopeful of discovering the answer empirically than getting a useful response from LC support. I tried testing Dark Vulture's theory, just on a small scale, with mixed results- it seems like maybe receiving a payment is a necessary but not sufficient condition? I don't have any better ideas though. DV, do you still think that's the answer?

I can imagine they might have added that condition to prevent buying then selling for a quick profit.

Dark Vulture

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Re: Glitch in platform? - open sell orders not showing up as browse-able
« Reply #9 on: July 11, 2018, 11:48:39 PM »
Quote
I'd really like to understand this, and am more hopeful of discovering the answer empirically than getting a useful response from LC support. I tried testing Dark Vulture's theory, just on a small scale, with mixed results- it seems like maybe receiving a payment is a necessary but not sufficient condition? I don't have any better ideas though. DV, do you still think that's the answer?

I can imagine they might have added that condition to prevent buying then selling for a quick profit.


My theory is that when you buy off the secondary market and try to sell it right away (i.e. within a day or two), the system is trying to match up with another data base at the primary market. I think that data base is updated maybe once a month, or when the payment becomes due the ownership is updated. When there is no match, when you try to sell your newly bought loan, it won't appear on the listing.

This makes an already illiquid market even more illiquid.

Dark Vulture