How to Find the Best Mortgage Note Buyer
There are many things you should consider when selecting the right Florida mortgage buyer.
Trust Your Instincts and What Feels Right. Do they sound trustworthy and easy to work with?
Accreditation – Check the company’s online reputation. Are they rated highly by the Better Business Bureau or on search engines? Seascape Capital has had an A+ rating for years and 5 stars from the BBB.
History of Being Good – Similar to the one before, you can check out scam reporting and consumer-focused websites to ensure that the note-buying company you are talking to is not on these sites.
Experience is key to a smooth transaction. A mortgage buyer with at least five years of experience, who can demonstrate competency and answer all your questions, will be the best choice.
Licensing: Brokers and buyers of real estate notes are not required in all states to have a license. Working with licensed people demonstrates greater commitment and more competence.
What to Expect when Selling a Note
Finding the right note buyer is the first and most important step in selling a mortgage note. Most people never sell a mortgage note more than once in their lives, so it is crucial to do it right the first and only time. This was already covered.
After you have selected the note buying company, they will be asking you questions about the property as well as the financials of the note. They will then give you a price quote for your note based on the information. This price could be used to buy all the remaining notes or a portion of them (called partial). Each option has its advantages and disadvantages. Then, you would continue the steps as shown below.
The Note Sales Process
This is how you can sell your note.
We will offer you to purchase all or part of the remaining payments within one business day
If you are happy with the price, we will request that you send us copies of many documents.
We then conduct a drive-by valuation of the property and request a Title Search, both at our cost.
After all of this is completed, we will send you documents that you need to complete an assignment. You then sign the notes and the money will be wired to your account within a few days. The entire process takes approximately 3-5 weeks from start to finish.