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!
Since starting Seascape Capital in 2002, I have watched a lot of real estate cycles and challenges. Fortunately, my finance and real estate experience helped to overcome even the worst market downturns.
Note holders most often call me wanting one or more of the following. First, they may want to simplify their lives. Managing a note can be time consuming, especially if the payer does not make on-time payments or does not keep up on the insurance and taxes. Second, they may have a specific issue to overcome. Perhaps they have a lot of credit card debt or have to pay medical bills. Third, they may see an opportunity to invest the funds in a new venture or business.
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…
Individuals who sold properties using owner financing and carried a note may at some point be interested in selling that note to a Washington mortgage buyer. Fortunately for property owners and note holders, the Washington state real estate market has generally been less volatile and therefore more predictable than those in places like California and Florida. That said, properties everywhere are susceptible to national economic and real estate conditions to one degree or another.
A purchase money mortgage note comes in to being when a property is sold using owner financing. The real estate note can also be called a mortgage note or deed of trust note, though they are basically the same for our purposes here. The note is the “I.O.U.” that shows the payment amounts, when the payments are due, the interest rate, what constitutes a default, and much more. A Washington mortgage note buyer, like those in other states, is most interested in notes that are collateralized by a residential property like a house or condo, though many note buyers like Seascape Capital will also purchase notes on commercial buildings, mobile homes, and land. The elements of a good note are shown in a two-minute video by Alan Noblitt of Seascape Capital. That video clip can be found at https://www.youtube.com/watch?v=UnJohC9HbOk.
While various note investors may vary slightly in their process of buying notes, the steps are most often:
After the Washington mortgage note buyer has the needed information about the property, the buyer and note holder come to an agreement on the price to be paid for the note
The note holder would e-mail or fax to the buyer a set of documents which always include copies of the note, deed of trust, closing statement, and several other items.
Once the mortgage buyer has reviewed and approved the documents, they order a drive-by appraisal and a title report. When those are completed, the note buyer would prepare the assignment documents and send them to the note holder for signature. The note holder would return the documents along with the original note and deed of trust.
Once all of the above is complete, which usually takes 3-5 weeks, the note buyer would wire the funds to the note holder and record the assignment with the county.
