Pura Vida targets short sales, REO’s and foreclosure auctions for its acquisitions.  The company has the ability to underwrite the deal quickly and every transaction has been closed with all cash.  The standard offer is 10 day due diligence and 5 day close, and Pura Vida has the capability to reduce even these time frames.  This strategy gains a competitive edge over the competition.

Historically, the hold period has averaged 4 months from acquisition to disposition with the shortest time being 56 days and the longest 342 days.  The time frame is dependent upon the scope of work, permits, and other projects in the pipeline.

Most projects require general repairs and a cosmetic upgrade that typically includes granite counters, new cabinets, new appliances, travertine or equivalent baths, paint, carpet, and laminate flooring.  Required repairs range from patching holes in the wall to replacing roofs or septic systems.  The projects that take longer generally have required a permit to bring an unfinished addition or garage conversion up to code or a permit to add additional square footage.

Finally the homes are staged and typically listed by SPRE, Inc. (an affiliated company).  The homes have a median Days on Market (days from list to opening of escrow) of 24.