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Executive Summary – Contract for Deed Pool

Overview:

We have six Contract for Deeds located in Dayton, OH, and Gary, IN.  Three of the assets are performing and three and non-performing

  • Two of the assets have newly signed contracts
  • Two of the assets are not performing and loss mitigation needs to commence to get the borrowers reperforming or to initiate eviction.
  • One property is leased and the lessee is making payments.
  • One property sustained fire damage and is in need of repairs.

 

Desired Terms:

The strike price for the 6 assets is $103,500.  The seller will pay any taxes due and billed within 30 days of the closing.  Seller will represent and warranty clear title to the assets.  Any closing costs (escrow, title policies etc.) incurred will be the responsibility of the buyer.

 

Portfolio Characteristics:

The collective unpaid principal balance on the five Contract for Deed properties is $189,000.  The value for the set of six properties is $239,000.  The strike price for the pool is $103,500.  The asking price is reflective of the current property condition and a discount due to the value of the delinquencies.

 

Address City ST Int Rate Term Total Area B/B Status LC Sale Date Strike Price Gross/Mo. Net/

Mo.

Bal
2313 Eastview Ave Dayton OH 10% 30 1515 4/1 DQ 06/03/2014 $20,200 $550 $350 $45k
911 Ferndale Ave Dayton OH 10% 30 1745 4/1 DQ 08/17/2011 $14,600 $600 $360 $80k
339 Illinois Ave** Dayton OH NA 30 1050 3/1 Lease $24,100 $550
715 Tyson Avenue Dayton OH NA NA 1544 3/1 Vacant $10,300
3378 Connecticut Gary IN 10% 30 700 2/1 New CFD 05/19/2018 $17,500 $445 $330 $37k
3864 Maryland St Gary IN 10% 30 1056 2/1 New CFD 04/03/2018 $16,800 $445 $279 $32k

 

We have recent pictures of the subject properties available for review.  Please see the property detail comments appear below.

 

  • 2313 Eastview, Dayton – Contract Date = 6/3/2014. Current contract holder is significantly past due.  Would either require forbearance, or more likely, a cancellation of contract and eviction.  Foreclosure will not be necessary.

Comments:

  1. Foundation cracks and steps need repair
  2. House has basement
  3. House needs maintenance and paint
  4. Roof is in fair condition
  5. 3 window ac’s
  6. Old wood windows

 

  • 911 Ferndale, Dayton OH- Contract Date = 8/17/11. Current contract holder is significantly past due.  Would either require forbearance, or more likely, foreclosure.  Under Ohio law, contracts in place for more than five years require a foreclosure proceeding.

Comments:

  1. Property is in a higher crime neighborhood.
  2. The neighborhood homes are in fair condition.
  3. Roof appears to be good, with gutter repairs and wood trim painting needed.
  4. The property needs clean up and yard maintenance.
  5. The brick body appears to be in good condition.
  6. Brick Chimney may need some tuck pointing.

 

  • 339 Illinois, Dayton OH – ** This property has a significantly past due balance and was thought to be abandoned. Upon physical inspection, the contract holder had leased the property to a third party.  Tenant has provided a security deposit and has been making normal lease payments which have started to be remitted to the rightful owner.  The logical next step would be to cancel the existing land contract and then issue a lease (or even a contract for deed) to the current occupant.

 

715 Tyson, Dayton OH – Fire at this property has damaged the building.  Property requires extensive repair work.

 

3378 Connecticut, Gary, IN – New Land Contract in place.  First payment is not yet due.

  1. Overgrowth, trash is in rear and front, exterior needs repairs and painting.

 

3864 Maryland, Gary, IN – New Land Contract in place.  First payment is not yet due.  The new borrower is making plans to address the roof, paint and debris.

  1. Roof partially tarped. Needs replacing.
  2. House in fair condition.
  3. Needs ext paint, repair of siding, and repair of gutters.
  4. Small garage in rear. Yard full of trash and debris.