Average List Price for Zip Code – $537,000
Original Mortgage Amount – $730,000
Note Purchase $351,000.00
Final Sale Price $640,000
Gross Gain: $114,800
Gross ROI: 21.79
Lunar negotiated the purchase of the note on this abandoned duplex in one of the best areas of Hoboken, New Jersey. The unit had been damaged by Hurricane Sandy, but it had a beautiful layout with a huge backyard for Hoboken. The borrower had moved to Singapore with intention of returning, and agreed to allow us to proceed with a foreclosure. (It is important to note that often when there are multiple judgments against a property it is sometimes best to go to foreclosure, which removes all liens and provides free and clear title). Lunar purchased the note and the foreclosure was completed less than 45 days. Lunar did a complete renovation of the property and had multiple offers upon completion. The key element of this deal was that our staff was able to quickly locate the borrower through social media. Once communication was established, we secured their cooperation and got the property through sale. This is typically not the case, as we usually expend a tremendous amount of time and energy tracking down the borrowers and negotiating a mutually beneficial exchange.