It was on a 90-day clock, now it's less than 30 days
Retail: Commercial space
9080 SF building
Escrow opened with buyer in place to take out at $1.4M
This is a great opportunity for people who like to make fast money. I have a unique situation where a client's mother died leaving her a retail space. Because there is a death clause in the NOTE wells fargo has accelerated the loan and is going forward with foreclosure proceedings.
The property is worth $1.5M easy. We have a buyer in place to buy it with a hard money loan for $1.4M at a discount. The catch is the seller won't own it in 20 days because of the foreclosure. So we need someone to come in, buy it for $1.2M and then resell it for $1.4M and make $200,000. It is currently leased triple net, way below market at $7500/month.