First Short Sale Purchase

Yesterday we finally did it. We closed our first short-sale purchase. After many offers and many disappointments something came through.

Two weeks ago I called a medium sized REO agent that I have bought quite a few properties from and asked what he had coming up. He let me know about a possible short-sale deal that someone in his office had listed that was falling out.

Immediately, I went to look at it and we were in. We wrote an offer and waited about 10 days. We got an approval letter that said if we can close in 3-days we can get it for that price, otherwise they’re going to foreclose on the house. Good with me.

It is a pretty standard purchase for us. The house is Four Bedrooms, two bathrooms on a 1300 sq ft on a good sized lot.
June is setting up to be a pretty good month for us. We have two closed purchases, one retail sale, and a purchase set to close Tuesday and probably another one set to close Friday. The months keep going by faster and faster.

We are coming up on our 2nd year of working in the rehab and remodel business and our 1st year of being landlords with hopefully many more left!

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2 Responses to “ First Short Sale Purchase ”

  1. Mike Z says:

    Nice work. Remember if it was easy everyone would do it …
    Just keep taking positive steps forward, don’t worry about the size of the steps just make sure they are going in the positive direction.
    I look forward to reviewing Year 2 stats

  2. Steve says:

    Thanks Mike. We’re pretty happy with our progress this year so far. We just broke 20 rentals and have a lot going on. To keep buying this many keepers we are going to need to ramp up retail deals though, which is okay with me..

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