We will ask you to provide information about the note and the property, as well as request a copy of the note. If the price is acceptable to you, we begin our due diligence process. We pay for all the expenses, so the price is net to you!
My name is Alan Noblitt, and I’m based in Phoenix, Arizona. Although I started Seascape Capital in 2002, I have worked in finance and real estate for an even longer period of time.
On a typical day, note holders call me wanting one of three things. First, they want to escape a problem like debt or cash shortfalls. Second, they don’t have the time or expertise to manage the note, including making sure that insurance and property taxes are kept current, so want to offload the note. Third, they have other opportunities to invest such as starting a new business or trying alternative investments.
The whole transaction was smooth and easy. Alan helped me through each step and answered all of my questions. If I had another RE note I would use them again.
I recently completed a transaction with Seascape Capital and was completely pleased with the service and outcome. Mr. Noblitt was professional, friendly and honest every step of the way. I would most certainly…
I found seascape capital doing a search for mortgage note buyers and after getting numerous offers from other companies I decided on seascape capital. Alan contacted me quickly and was able to put together an…
If you decide that you want to sell your note, the note buying company would ask you for information about the property and the financials. They would normally provide you with one or two offers within about one business day. Assuming that you like the offer, you will be asked to provide additional documents and information so that the note buyer can review them, order a drive-by appraisal, and obtain a title commitment. The buyer of the note pays for all of the normal expenses. When the due diligence items mentioned above are completed, you will be asked to sign closing documents, and then you can expect to receive your funds either the next day or a few business days after that.
Whether the note buyer serves Arizona or any other state, they make money by regularly collecting payments of principal and interest. More specifically, the deed of trust note buyer ensures profitability by collecting both the interest listed on the face value of the note and the difference between the note balance and the amount paid (called the discount). This note buyer puts in a large sum of money at the beginning, so it will take years to get back that money and start making real profits.
Thus, the note buying company will want to be as certain as possible that the property could be made marketable and that the payer on the note is likely to continue making payments until the note is paid off. If the note payer stops making payments, it can be expensive for the note buyer to take back the property, and even worse if the property has been left in poor condition.
If you own a note on a property in Arizona and want to sell all or part of it, make sure that the mortgage note buyer is credible and experienced. Seascape Capital is a nationwide note buyer and one of the best known note buyers in both Arizona and the U.S.A. Call Seascape Capital today for more information on how to sell your mortgage note at 1-858-208-7776 or fill out our form to sell your note.
