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!
Seascape Capital was started by me – Alan Noblitt – in 2002. Prior to that, I had decades of experience in finance and real estate.
Note holders generally call or email with questions and needs that fall in to one or more of the following categories. First, they might have financial issues such as needing money for retirement or paying off credit cards. Second, although they are not in desperate need of funds, they could use the cash for new investment opportunities or to start a business. And third, they are tired of messing with the note and all of its challenges like late payments, ensuring that property taxes and insurance are current, and tax reporting.
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…
The term of Colorado mortgage buyer is fairly obvious at a high level, as it refers to a company that will buy a mortgage note on a property in Colorado. But what is a mortgage note and what role does a Colorado mortgage buyer play. First, a mortgage note (sometimes called a deed of trust note or real estate note) is used when a property is sold using owner financing. So, Sam is selling his Ft. Collins house to Betty for $200,000, and Betty puts in a $20,000 down payment. The two of them agree on terms for the $180,000 that Betty still owes. They could decide that Betty can make payments over 30 years at a 6% interest rate, resulting in a monthly payment of $1079.19. The mortgage note is a legal document that puts everything that the two parties agreed to in writing, and it is signed by the buyer. The note is prepared by an attorney or title company and is accompanied by a deed of trust, which makes the property collateral for the note. If the buyer stops making payments or otherwise does not follow the terms of the note, then the seller can foreclose on the property to get it back.
In the example above, Sam may decide, after receiving a few payments that he would rather cash out of the note so that he can pay off some credit card debt and make some other investments. He would contact a Colorado mortgage buyer like Seascape Capital. Sam would share the details about the transaction with the note buyer, who would in turn tell Sam how much we would pay for the mortgage note. The mortgage buyer would most likely bring back at least a couple of options such as one to buy out the full note and others to just buy some of the payments.
Within the industry of mortgage buyers, there are hundreds of people and companies, with varying levels of expertise and integrity. As noted above, you will want to work with someone that feels right to you, that has excellent experience, is accredited by the Better Business Bureau, and who has a real estate broker license from one of the fifty states. Seascape Capital meets all of these criteria. You can find a 2-minute video giving more detail on this at http://www.youtube.com/watch?v=VnHk01C5orM.
The steps involved in selling a mortgage note are about the same for a Colorado note as for mortgage notes in other parts of the country. As noted above, the first steps are for a mortgage buyer like Seascape Capital to gather the needed information and for that person and the note holder to agree upon a price for the mortgage note. After that, the mortgage buyer would check the payer’s credit, the note holder sends in copies of relevant documents, and the due diligence begins. This phase involves the note buyer reviewing the documents, conducting an appraisal, and doing a title search. Assignment documents are then sent to the note holder who signs and returns them along with the original note and deed of trust. The note buyer would then wire out the money to the note holder and the transaction would have been successfully completed. The entire process normally takes 3-5 weeks, though that can vary.
