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How long does it take to close a Post-Bankruptcy Report deal?

 

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.

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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