February - Week Four - Prospect A (stay tuned...)

FEB 23, 2008: We were invited to inspect this house as a potential investment. The owners of this house live in California. They bought it during "the boom", but they have not been able to flip it. They stopped making payments because they could not afford a vacant house. Now the lender has added the usual late fees, attorney fees, and interest - making the debt greater than the value of the property. That is where we come in. The Buyer Dept. will make an offer to buy this property for less than the amount owed. If they accept our offer, the bank would retrieve their investment immediately without further attorney fees, risk of lengthy and costly foreclosure, which could be delayed even further if the owners filed bankruptcy. The seller is able to move on and The Buyer Dept. has a new investment.