Me and my team closed today on Halloween and our seller came dressed up! We didn't get the memo unfortunately :0
This was a big group effort with a ton of hurdles to get this deal done so we all had to come to closing for this one. We literally bought this property with a one day heads up or our seller would of lost the property to foreclosure and got nothing. We helped her clear 6 figs on a win win solution for everyone!
@Kyle Doney HAhahah, would you share sone detailsaboit the deal
Would be really interested in hearing how you guys find the deal and how you structure this pre forclusure deal. Anyway, congratulations!
We got the lead from a cold call to a pre foreclosure list. The lady was going to go down with the ship if we didn't give her a 2 year lease so she could stay in the house until her daughter graduates. She was getting like 15+ calls a day and people knocking on her door, but no one wanted to give her what she wanted.. except us :).
She had a ton of equity, so she still walked with a lot, but we also have a ton of equity in the property. Enough to make it worth waiting 2 years if we had to. She's renting it back from us at probably $1000 under market value. Again, it didn't matter as we had enough equity to make it happen. We closed it out, but will likely sell it to another investor in the near future.
Chase wanted the house bad. They wouldn't let her refinance, do a loan mod, or even push out the foreclosure date. We were working the deal for a while, but got a call 2 days ago saying that we had to close the next day or it would be foreclosed on.
We gathered up some cash and made it happen and that was that.
@Kyle Doney Wow! Cheers to that!
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