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Get the magic approval letter in hand!

 

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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