What does a typical transaction look like from start to finish?
After first discussing with you the note variables and find out what you are looking to accomplish, what your needs are, Capstone Capital USA will provide you with our offer.
- Typically we will offer you 3 different customized purchase options….
• A full purchase
• 2 partial purchase options.
After you determine which offer is best suited to meet your needs, Capstone will request certain note documents from you before drafting a Note Purchase Agreement for your signature.
• A copy of the note
• A copy of the recorded Deed of Trust or the Mortgage
• A copy of the signed closing statement from your sale to the house buyer
When we have the above items, we’ll email the contract to you for your signature(s).
- Once the contract is fully executed, we will begin our due diligence. This is a process to confirm that purchasing your note is a safe investment.
• We’ll check the credit of the payor to confirm they are a good credit risk
• We need to verify the payor’s payment history to confirm the payments were made as agreed. Either copies of checks, copies of bank statements confirming the monthly payments were made and deposited with a record.
• We will order a property evaluation…typically this takes 3-5 business days.
• Assuming the evaluation comes back at value, then we’ll schedule the 15 minute payor interview. The purpose of this interview is to confirm the payor’s credit, job history, the condition of the property etc.
• Then we’ll present the package to underwriting ….usually we’ll have an answer back within 24 hours
• Once the package is approved, we’ll order title which takes 5-7 business days to business days to receive and clear title
• Once title is cleared, we can schedule the closing either in a title office in your area, with a mobile notary or via mail out. For the closing you’ll need to bring the original note and the recorded documents from when you sold the house.
• Once closed, the BEST part, you get PAID!!