Bought first note and house already on market!

[Todd Krzeminski]

So I just closed on a reperforming second lien note this month through my SDIRA. This is the first note I've ever purchased. I happened to drive by the property last night, and there's now a For Sale sign out front!

I purchased the note for $23,500 and the payoff is just under 31k. 

My initial thought is this is the best case scenario -- assuming the house sells, I immediately get the 7k kicker, get my money back to invest in the next.  Am I missing something?

Is this common with reperformers? My theory is the owner reworked the delinquent loan, and now that the loan is performing they're getting out while they can.

[Mike Hartzog]

My pleasure.  I should have mentioned that if you have more than one unrecorded assignment, i.e., there are prior unrecorded assignments, it is important to get them recorded in the proper order (yours being recorded last).  Sticking post-it notes on the assignments you send into the recorders office with "Record 1st", "Record 2nd" usually does the trick.