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Question:
How long does it normally take to close
a PostBankruptcy deal?
Answer: It depends on
a million variables that are unpredictable.
A rough average might be from 2 to 4 months,
but as we said--it varies. As an example,
here's a note from one of our subscribers
regarding a long time-frame. For those of
you who have a story about a quick close,
please send us an email and we'll pass it
on to everyone! The real message? Hang in
there for BIG profits!
Hi Mark and Caryn,
I just wanted to send
you a quick note to let you know I just
closed on a deal from your list that I thought
would never come about. The moral to the
story.... just hang in there!!!
I originally met with
my Seller last December (2004), at which
time she deeded me the house. She was upside
down on her mortgage and the mortgage company
didn't seem to want to talk with me. I decided
to go ahead and send in an offer anyway
in the middle of December (for $57,000)
and was told by the mortgage company they
would not talk with me until the property
came out of their Bankruptcy Department
and into their Loss Mitigation Department.
I didn't hear back from them again for a
l-o-n-g time. It took nearly FIVE MONTHS
for the mortgage company to act on the seller's
dismissed bankruptcy!!!!
In July they called me
back and countered with $57,700 - which
I accepted and immediately wholesaled the
property the next week for $74,000! Over
$15,000 in profit for just waiting out the
process. The best part I didn't pay a single
dime out of my pocket!
Thanks, and keep the
Reports coming.
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Success
Story, from a subscriber
Dear PostBK, I'm
a relatively new subscriber and just
closed on my first deal from the PBR.
I was able to negotiate a short-sale
with the Lender and wholesale the
property before having to close on
it personally! My net profit was $9,000.
Best of all, I know that if Im diligent
about sending my mailings when I receive
your Report, Ill get deals like this
and more!
T. Johnson, Smyrna,
GA
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