This house came to us from a highly motivated owner that has been in default on mortgage payments for more that one and half year. We had a foreclosure auction date scheduled in 9 days and we had to deal very quickly to sign paperwork and to reinstate this property. The reinstatement amount came on the very next day (see a picture).
It was a huge amount of money that we had to send them all cash and asap. We have contacted my friend and we partnered with him on this deal. The market value of the property was more than $430K and we signed a contract with the seller for $320K.
I was in touch with a lander all the time after we sent this reinstatement check. And I was very happy to see the updated status on the mortgage account. No more foreclosure rush!
Our next step was to make an inspection and arrange a closing within 30-45 days. We agreed with a seller one month for a move out time.
Here is what we’ve got:
We had to deal with an unfinished basement, some wiring issues, and other little things. But overall the house was in pretty good shape.
After 2 months of the remote managing of the rehab process, we did a new photoshoot with a local professional real estate photographer. We did a drone pictures of the 10 acres parcel and an updated lodge house.
To make a story short: we’ve listed the house for $430K and on the first day we’ve got 5 calls and one offer for $440K. We’ve sold this property right in the middle of the winter season!