South Carolina’ s #1 mortgage note buying company

South Carolina notes purchased through Seascape Capital often involve owners who want to sell their homes but don’t want to take out another loan.

Let’s back up and review some basic concepts. An owner financing transaction takes place between a seller and a purchaser. A mortgage loan is created between the two people or entities that shows, among other things, how much money the borrower owes, what interest rate they’re paying, how long the loan lasts, and whether the payments are made every month. Payments can be either monthly or biweekly depending on the lender. Lenders often require borrowers to make a large down-payments before approving loans so the lender doesn’t lose money if the house sells for less than expected. Borrowers also must provide proof of employment and income. The best mortgages are given to those who have good incomes and lots of cash to put down as a deposit.

Risks of a Note

A real estate agent might sell a house for $100k but if he holds onto the $10k mortgage payment, he could lose the whole thing.Late payments and the collection of late feesIf default happens, the bank may start a foreclosure process.If the property suffers any kind of degradation or loss of value due to neglect, then it becomes less valuable.Keep up with the property tax and insurance payments

Selling a Note

An alternative method would be to sell the note. A reputable South Carolina note purchasing company can provide guidance on the best ways to do so. For example, if you have a $100k note, then they might suggest selling off only half of your payment schedule. You may choose to buy back the rest later on. Or, you may opt to sell the whole thing right now. Whatever option you choose, make sure that you get the best price possible.

You should be aware of what happens when you decide to sell your notes.You should contact 3-5 sellers who sell notes. Choose the one whose prices seem reasonable, who has been in the business for 5+ years, is licensed in multiple states, and has a good rating from the BBB.You’ll get an offer from your chosen payment processor in writing, verify the account holder’s identity by checking their bank statements and asking them to provide the necessary documentation, and request proof of funds before processing the sale.After sending over the required documents, the buyer will place an order and pay for a non-invasive inspection.Then, the note investor will request a preliminary report from an attorney who specializes in real estate law.After completing these steps, the note purchasing service will send you documents to be signed and returned.After receiving the wire transfer, the lender usually pays back the loan within a few weeks.

ELM Capital LLC is a national note buyer headquartered in Phoenix, Arizona. It is fully licensed in California, one of the few states that require licenses for note buyers. And it has an A+ rating with the Better Business Bureau.