Closed Another Short Sale Friday!

Helped out the homeowner in a very distressful situation and got the short sale done and closed.
The short sale took about 6 months from start to finish. Got a verbal approval within 4 months but took the lender a couple of months longer to get the approval letter to us. The lender was very slow in the processing of the short sale. Put in an offer and negotiated the offer with the lender which was accepted and then had the agents market it to find an end buyer and got an A-B and B-C transaction done on the property. Walked out of the close with a check.
Homeowner was very happy and lender gets a payoff on the property and we get a property at a discount and sold it below market value.
A win-win-win situation for everyone involved.

Success Academy Classroom Knowledge

> 2-10-2010. Today I reviewed 8 classified ads from single family homes to mobile homes to multi-units. It is amazing how little time I have invested thus far (3 weeks), but how much knowledge I've gained. I know now the risk level, the importance of location, what the magic buttons are, etc. I have never come this far with any other program I "tried" to start. You feel me when I say, "tried"?

Peace and Blessings,

Here are the profit numbers! Be encouraged........

Hello DG Fam
It's Gena of "It's been a big day for me". I'm so happy it has been encouraging to read my timeline and success to date. And yes, it does take some time. I believe it is the exception to make a deal in the first few weeks, but the first few months - very do-able. You have to study and work and network and take action, i.e. make the offers!
I didn't post the amount of profit in my earlier forum topic. I didn't want to sound like I was bragging. But I am convinced now that you will find it of further encouragement and incentive - so here it is:

KMH and JGREER going to closing with OWNER FINANCING!

Okay this is the core terms of the deal. It is in Rock Island, IL close to Augustana college. Motivated Seller with owner financing. We made an offer with 7.5% interest, and got a counter that had 4% interest. And the purchase price was only $5,000 higher than what we offered initially. These are all the terms of the deal.

Contract for Deed for 18 Months
Purchase Price $49,900
Down Payment $3,000
Monthly Payment $500 to seller
Interest rate 4%
Amortization schedule 10 years
Monthly payment is going to be $474.84 (I love my mortgage calculator) plus an additional $25.16 per month to principal
Seller pays Insurance and Taxes
First Payment due 90 days after closing
Balloon Payment in 18 Months will be $41,556.42

EDGE 2010, We've got our Tickets

Hello DG Family,

That's right, we've got our tickets for the EDGE 2010. We are beyond excited. Last year's EDGE event changed our lives and the lives of so many others. We couldn't imagine missing it this year for anything!!!

Then when we finally got our email to register reading about all the great people that will be there blew us away. We didn't think Dean really could go beyond the amazing experience of last year.... but yes, this year is going to be even better.

If you are waiting for the kick start to your Real Estate Career this is the event you want to be at. You'll learn from so many other DG students and build relationships that will last forever - and may even lead to profitable partnerships!!!!

My agent said it would never work! Boy was she surprised!

My wife and I found a new 4 bed, 2 bath, with a 2 car garage on 1 acre in Pahrump NV. It's been on the market for over 90 days. I want this home for my family and I. It's woth aprox 160,000, They are asking 149,000. By they, I mean it is corpret owned. I wanted to put in an offer of 100,000. My agent said I was crazy and that my plan of offering 40% bellow fmv would never work and result in compleet rejection. But none the less she put in our offer. Two day's went by and she called and said I dont beleave it but we got a counter offer of 130,000. She said I never thought they would go that low. So we decided to put in an offer of 120,000 with the seller paying the buyers closing costs. Now we wait. If We get it at 120,000 we will have 30,000 to 40,000 instant equaty in the house.

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