A San Diego note buyer like Seascape Capital purchases owner-financed real estate notes across the country. For note properties in San Diego or anywhere else in California, it is best to use a San Diego note buyer that is licensed as a real estate broker. In fact, if you are selling your note using a note broker rather than a note investor, it is legally required for that broker to be properly licensed.
If you’re looking to sell a note, the best San Diego note buyer is Seascape Capital, which has been around since 2002, is nationally recognized as being among the best in the business, and has the top rating from the Better Business Bureau. Seascape buys notes on various property types, including residential, commercial, mobile homes, and land.
The most common property type for which real estate notes are created is residential. The residential category includes single family houses, condos, townhouses, and duplexes. The properties can be either lived in by the property buyer or be considered as non-owner-occupied.
When you first contact a buyer of mortgage notes, that person will conduct an interview with you so that he or she can better understand the property, the financial terms, and the payers of the note. Within 1-2 business days, the note buyer will provide to you one or more offers to buy the note. The reason that there could be more than one offer is because the note expert will not only offer to buy the full note but can usually offer to buy just some of the payments – called a partial. If you accept one of the offers, the next step is to check the payer’s credit. You will be asked to provide the full names of the payers, their home address, and their security numbers.
Once credit has been checked out, you would sign an agreement and send copies of all of the documents related to the transaction over to a buyer like Seascape Capital. The note buyer would review all of the documents, conduct a drive-by appraisal, and contact a title company to ensure that there are no outstanding liens against the property. Once each of these steps has been completed, which normally takes a total of about 2-3 weeks, you would receive documents to sign that reassign the note to the note buyer. Once those are received and verified by the note investor, they will wire to you the funds or send to you a check.