Helped this California Investor walk into the deal with $14k equity on a $50k purchase price.

[Robert Adams]

3150 Soft Breezes #2218
Paid $50k in Dec 2012
Currently Valued at $64k

This property was a short sale. The seller was in negotiations with another buyer. the buyer walked after the lender sent the approval letter. We were able to negotiate with the bank and the listing agent to keep the approval letter in place while we swapped out our offer for the original buyers offer (keeping the offer terms the same). We were able to close in 3 weeks as it was a cash deal. This kept the bank from ordering an updated BPO which would have come back much higher.

When it was all said and done the buyer paid $50k for the property and immediately there were recent comps that had closed for $64k.

This investor only wanted to buy 1 property. She had a second deal in escrow also. The second one is accepted by the seller at $45k and comps at $63k. However, on this one we are still waiting on lender approval. Since she no longer wants this property and has canceled escrow, I decided to put up the EMD and wrote up the same offer terms with a different buyer name and have now swapped this deal out of her name and into my own. Hopefully, the bank agrees to the contract price and we get another great deal!