Time is flying…unfortunately.? I still have three deals pending.? Two are tied-up in a bankruptcy and will most likely close sometime this autumn (although the Realtors involved think mid-May).? I think September-ish is a realistic outlook (I’m learning that many Realtors are dumb as rocks, by the way. Well at least the one I work with is pretty sharp).

The bank that holds the notes on the two properties has already filed for an “Automatic Stay” and the Bankruptcy Trustee has filed for an extension to review the assets included in the Bankruptcy.? Who knows how long this will take…I ain’t holding my breath.

Also, two days after I quit my J-O-B I found and assigned a duplex.? This closing was scheduled for this Monday 4/19, however it was originally contingent upon the closing of another property of the sellers.? Turns out the property which the contingency was based on isn’t going to close.? Go figure.? But the good news is that I may be able to get that contingency waived.? It’s really more complex than what I’m explaining, but I don’t feel like writing a book on it right now.? Anyway, hopefully this deal will close sometime next week and I’ll give all of the details.

I was thinking the other day of providing some case-studies for absolutely every deal that does and does not close.? What ya’ll think?? I mean I’ve been running into absolutely every obstacle that could be presented (liens, bankruptcy, pre-probate, etc.), I think case-studies may be beneficial to even the experienced.

On the short-sale front, I’m at the stage with one property where I met the appraiser at the property, supplied comps, pointed out the issues with the house, etc.? And the appraisal came in too high.? I plan on ordering another BPO from the bank next week and see if I can get a more realistic value.? With short-sale number two, I’m still playing the fax and re-fax and wait game.? So we’ll see about this short-sale stuff.

Oh, and I almost forgot.? Today, I may have found three more deals.? They’re of marginal spread, but I got to do what I gotta do.? I’m thinking about putting an Option contract on these houses as I’m not certain that I can unload these like I did the others.? So I don’t want to be locked in.? But I’m sure going to try.? I’ll give more details as things unfold.

I’m surely running out of time and money.? Something needs to close soon.? Honestly, I have no idea where I’ll stand in two weeks…and it feels kind of good.

- Peace Out

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