Double closed REO. Made $12,000

This deal is a great example of how important it is to follow up on rejected offers!!

My first offer was on Dec 8, 2011. We resubmitted four times. Offer finally accepted the first week in MAY!!!
If we had not chased this one we would have not gotten it.

Organize your follow up system!!!

Numbers

Accepted offer of $30,000
Sold to my buyer for $42,000 plus all closing costs.
ARV $150,000
Rehab $50,000

I made $12,000
My buyer will net around $40,000

My buyer- husband and wife team of active fix/flippers. They do around 40 properties a year. Called me this morning on three properties I have under contract. I won't have to send these properties out at all more than likely. I use my websites less and less these days!!

Michael Mangham

Roll Out Your Marketing – Short Sales are Gaining Ground

Foreclosures are still moving along in every state. Some states are getting ahead of the curve, with foreclosure activity down in the first quarter of this year and new delinquencies down as well. One activity that’s contributing to this trend is the new attitude by banks as regards short sales.

From 2007 into the last quarter of 2011, short sales worked for fewer than 25% of buyers of all types. Many investors avoided them, as banks took months to respond to offers, made repeated demands for the same paperwork, and generally just seemed like they had no desire at all to sell short, preferring to go on to foreclosure.

MY FIRST DEAL!!!

Hey, can you say FINALLY?? Got my first deal done today. It was an assignment and my profit was $2000.00!!!

Oh happy day!!! (music playing)

Shirley

Foreclosures and Delinquencies Down

In multiple articles around the Web, it’s being reported that recent numbers indicate a significant drop in foreclosures and homeowners dropping behind in their mortgage payments.

- Foreclosure filings in April fell for the third straight month to the lowest level since 2007.

- Bank repossessions, at 51,415 in April, were down 26% from a year ago and about half what they were in September 2010.

- In Arizona and Nevada, hard-hit states, bank repossessions were down roughly 70%, and in California they were down more than 50%.

- In the first quarter of this year, the percentage of borrowers who have dropped behind on their mortgage payments fell to a four year low.

- The percentage of loans delinquent fell to 11.33% in the first quarter, the lowest level since 2008.

Appraisal Accuracy Spotty

This is another article from the New York Times this week, and it’s about commercial property appraisals. However, many of the problems discussed are also common to residential appraisal procedures around the country. Generally, studies are showing that there are wide variations in appraisals, but in the majority of cases properties are being over-valued.

How i turn my taxes check to aquire 2 properties!

I used my taxes check and purchase 2 properties:
One duplex with 3 beds and 1.5 baths each, and a Fourplex with 1 bed and 1 bath each one.
I sign closing documentation for one on May 17 and the other on May 24.
I just received an offer for the fourplex for $8,500.00 and waiting for an offer for the duplex for $5,999.00
If you use a little cash, imagination, persiting and no matter what others say, you will come with a deal!
This are my first two, and i am working now with a partners/investor and we are closing 4 more properties and will start rehabing one.

Check this link:
http://cheaprealestatehomes.weebly.com/index.html

Hey: if you need help, let me know.
Ernesto

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