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. I started Seascape Capital in 2002 as a note buying company, and incorporated in 2003. Previously, I had strong experience in finance and good real estate knowledge.
Most note holders think about selling their notes for one of three reasons. First, they might have financial challenges such as overcoming stifling debt or the need to send their child to college. Second, they realize that managing a note can be hard work, with managing payments and making sure that insurance and property taxes are kept current. Third, they have better opportunities to use the money such as new investment opportunities or starting a new business.
Owner financing plays an important part in many Georgia real estate transactions. You may be thinking about selling your house or commercial property that way, and holding a real estate note. If you do, you will want to follow certain guidelines when selling the property and before contacting a Georgia real estate note buyer:
Try to get as big of a down payment as you can from the buyer. Aim for at least 10% on a residential note and 20% for a commercial note.
If possible, sell to someone with a good credit score, as this reduces the chance of issues down the road and will help us to give you a better price.
Have an attorney or title company prepare the documents for you. Spending a little extra money upfront can save you a lot of problems down the road.
The attorney or title company will help make sure that all of the critical documents and information are included. Examples are:
Note shows the interest rate, payment amount, date of first payment, what happens if there is a default, etc.
Mortgage makes the property collateral in case of non-payment issues
Closing statement shows the costs incurred by the buyer and seller , how property taxes are to be split up, etc.
There are more documents that would need to be created, but the above are three critical ones.
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 have decided that you want to sell your note or are leaning in that direction, it is time to call a a company that buys Georgia real estate notes. If you and that company agree upon a price for the note, the next steps are:
Sign an agreement to move forward and send copies (not originals) of the requested documents.
The note buyer will review the documents and order a drive-by appraisal
Once the approval is complete, a title commitment will be ordered
When the due diligence is complete, which usually takes 2-3 weeks, assignment documents will be sent to you for your signature. You send those back with your ORIGINAL note and mortgage.
Once we receive back those signed documents, the funds will be wired to you.
Seascape Capital is experienced in buying notes in Georgia and the other 49 states. Seascape continues to keep an A+ rating from the Better Business Bureau.
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 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.
