Huge 3000sqf house in the best neighborhood: saving it from foreclosure

We met this family after a call about their big 4bd house. They supposed to relocate and have listed a house for 10 months. And they had only one (!) showing for all these times. It was a classical expired listing case. Even worse: they had no money for the next monthly payment. The situation was only one step prior to foreclosure. We discussed the situation. They needed some cash for moving out and it was a loan against the house $258000 that they couldn’t afford. I made them offer $306000 and we signed contract and a promissory note for $48K. I promised to pay off it in 12 months or less.

I was sure that I will find a buyer for this property in 3-5 months. And I have sold this house in 45 days to an investor. Former owners have got a check with their equity and they were happy to move to a more affordable house.

Our downpayment on this deal was $10 and we profited about $18K after closing with a final buyer.

Here are several pictures like it was BEFORE.

So you can see that the house is in normal condition. But for this area, the house must be in perfect condition and has to be updated a little bit. Our buyer decided to remodel it and to use it for daily rent out.

A happy moment with a seller. Now they can start a new page of their life. With a nice check.

Today this property is making good cashflow to my buyer. And he deserves it! He did a big work for converting it to the airbnb house.

Look at this back yard and at this living room!

Pictures AFTER:

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