Private Note Investors – Seascape Capital

Before selling your property using owner financing, you might not have ever learned about mortgages notes or known that you could use them to finance a sale. Most people who sold their properties used attorneys or companies specializing in real estate law to prepare the necessary paperwork for the sale.

Finding a mortgage note buyer

There are literally thousands of companies out there that offer mortgages for sale. Only a few of these companies have the expertise, experience, and integrity you should expect from any reputable company.

To be able to identify the good companies from the bad ones, here are some things to look for in a private message buyer:Experience matters when choosing a note broker. An experienced broker will be better equipped to handle the process, resolve problems, and offer you the best price for your note.Brokers—Although not required in every state, brokers demonstrate a higher degree of knowledge and commitment than buying agents. If the properties that you sell are located in California or other jurisdictions where brokers must be licensed, use a licensed brokerage firm.Look for online review sites and the Better Business Bureau (BBB) to check out whether the seller has been rated well by his/her previous clients. If the buyer’s BBB rating is lower than an A+ rating, then look elsewhere.Good feeling—Although this one is more subjective, pay attention to your feelings when talking to someone. Are they kind, honest, and respectful? Does he/she sound like they’ll do what they say? And most importantly, do you get the sense that you will be treated fairly?

The Mortgage Note Selling Process

After deciding to sell a loan, there are some things that are common across most loan sales:

You and the private lender agree on a price that he will pay for your loan.

Usually, the lender will provide you with the option to either buy back the entire loan or just part of the loan.You will need to provide proof of identity and submit various forms of documentation. Don’t send originals until later.The mortgage loan holder (or “lender”) will usually request an inspection of the property by a professional appraiser. If everything looks fine, they may then request a credit report from a third party agency. After reviewing the results, they will decide whether to buy the loan.Once the appraiser has completed the valuation and prepared the report, the lender will review and approve the document before sending it back to you for approval.You will assign your loan to the bank buying the mortgage note.It usually takes up to three business days for the payment to be sent out by wire or check. From beginning to end, it may take anywhere from three to five working days.

Next Steps

If you’ve decided to buy a house, please contact us by phone or fill out our online form. We’re looking forward to hearing from you!