JUST CLOSED! Gelt just closed on a non arms length foreclosure bail out mortgage in a Suburb’s of Philadelphia. Pa Hear how it all went down from our expert team!
“Jack: Michael Kelman, we’re live. What did you just walk into my office and tell me?
Michael: How you doin’? This is Michael with Gelt. We have a loan closing today, and it went to 3 different banks, and they dragged this client through the mud. No one did what they said. We got a hold of the loan 8 days ago, and we’re closing it today. The broker said he’s been in this business almost 40 years, and it’s very rare that you deal with people that do what they say. So we’re very happy. It’s a great deal, both win PA, so we love that deal.
Jack: It’s sort of a foreclosure buyout.
Michael: It’s a short sale purchase deal.
Jack: Yeah, it’s a little bit weird. What it is—tell me if I’m getting this right, Michael. The father owns the property; he’s in foreclosure. The son negotiated a short sale and is buying it, so it’s kind of a purchase, but it’s really not. It’s certainly not an arm’s length transaction. So, bottom line, this guy…
Michael: It was polluted, and we loved it.
Jack: We loved it. This guy did the deal here. How long did it take us to approve the deal?
Michael: One day.
Jack: One day, and we’re closing it in eight days. Remember, when your bank says no, we say yes. Give us a call at 561-221-0900 ext. 110, check us out at geltfinancial.com. Like our YouTube, like our Twitter, whatever you’re saying this on, like it. Take care and have a great day, okay.”
Category: Deals Done
Tag: foreclosure bailouts
