Fair Market Value (FMV) $21,500
Purchase Price $7,500 + $2,851.32 delinquent taxes + Attorney Cost + Fees
6 to 8 months to foreclose
We purchased this non-performing note from a hedge fund and reached out to the borrower with no response. The property is a 3 bed, 1 ½ bath, 1,450 sq. ft. single family home built in 1964.
We started the foreclosure process to reach out to the borrower but with the property being vacant, the foreclosure process will more than likely be uncontested. We hope the borrower will reach out to us to agree to a deed-in-lieu of foreclosure but foreclosing will most likely be the exit strategy. The timeline for this investment is expected to be 12 months resulting in a 20% ROI