Curt used REU’s relationships strategy to put $8,000 in his pocket on a foreclosure through his 90% relational contacts!
I found this one as a judicial foreclosure. I saw that the foreclosure was due to the death of the borrower, Carol Webb, and that it was a reverse mortgage, which is due on the death of the borrower. I then checked the probate data base, and saw the probate documents, which listed the Small Estate Claiming Successor (Personal representative), along with his phone number. I set up an appointment to meet him at the property. Interior inspection showed that the bathroom had a partial remodel, leaving open framing, and that there were unfinished electrical problems. Ryan the grandson in charge, agreed that he did not want to do the repairs, so I offered him $1,000 for the deed, subject to the $132,000 defaulted loan. After several email and phone contacts, we agreed on a net payment to the Estate of $3,262. When the payoff came in, it was $139,177!
However, through my 90% relational contacts, I was able to assign the deal to a rehabber for $16,000, which I will split with my partner. I expect to close by May 31,2016. Note: I have No money out of my pocket, no closing costs, as the assignee will pay all closing costs, and I will put $8,000 in my pocket!