10-10-2005, 02:59 PM
| | Buying properties pre-foreclosure using the short sale method
Hi Fellow Investors,
We have a sucess story about buying properties pre-foreclosure using the short sale method.
Here are the specifics:
Property: Lake House Appraised $250k
Liens: 1st $220k/2nd $20k
Results: Purchased for $150k 1st/2nd $12k
Sold by wholesaling to new investor for $190k
Check at closing $19,363.17
Time frame - 3 1/2 months
A lot of new & seasoned investors don't like short sales since they do take some time, but they are worth it. You just need to have several going at the same time.
We are new investors, been in business about 1 1/2 yrs. Have (2) rentals and do mostly buy & flip. This was our largest check to date and our best success story. Hope our story will get others out there helping homeowners and making money too!
Rick & Cindy