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That
sounds like a "no-brainer," right?
And I should also add... politely follow-up,
follow-up, and follow-up some more until
you get what you've been promised.
As most of you know,
prior to distributing the PBR, two of the
partners in CMC Ventures, LLC exclusively
marketed for their own real estate investing
via the same information we provide at www.PostBankruptcyReport.com.
The situation I'm going to tell you about
happened to me, Caryn McKinney, one of those
partners.
I had negotiated a short-sale
with a bank on a property in disrepair (significant
and ongoing drainage problems, with most
of the water ending up in the finished basement).
My contact at the bank had verbally finalized
our short-sale, but didn't send me the "approval
letter" when he promised. Of course,
I know I need that letter for the closing,
but I was busy and just didn't notice when
the letter didn't come across my FAX. Worse
yet, I failed to follow-up immediately.
The house and my contact were in the bankruptcy
department when we came to our agreement.
Within a couple of days, the bankruptcy
was dismissed and the file was transferred
from the bankruptcy department to the foreclosure/loss
mitigation department. Can you see where
this is going?
You guessed it, I didn't
get my "approval letter" and the
foreclosure department wasn't willing to
honor the agreement I had with the bankruptcy
department. It was like dealing with two
entirely different houses! Very frustrating,
very time consuming, and in the end, very
expensive. Expensive because while I was
going through the short-sale process again
(this time with the foreclosure department)
the water problems at the property continued
to worsen.
In the end, I finalized
the deal, but I lost $8,000 in profit because
I didn't continue to follow-up and get the
approval letter as soon as we came to an
initial agreement. Yes, my contact should
have sent the letter when promised, but
I have to take more responsibility ... he
wasn't going to make any money off this
transaction, but I was! Now I do everything
in my power to get the approval letter in
hand the same day I get the verbal approval
over the phone.
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here to learn more about our Post-Bankruptcy
Report!
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