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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: time it takes to buy and sell foreclosure... Posted by Ward-CA- on July 02, 2001 at 8:32 PM In Reply to: time it takes to buy and sell foreclosure... posted by donovan gekko on July 02, 2001 at 10:21 AM : i loked at some of the previous messages. i noticed people were saying it will take at least 4-8 months to buy and sell a foreclosure. Does it always take at least 4 months? is it possible to complete everything in say 6-8 weeks? i have an investor who is interested in purchasing a foreclosure but i think he may be looking for a quick turn around, how should i explain this to him? =•=•=•=•=•=•=•=•=•=•=•= Donovan, I’d be amazed if your investors don’t think that 4-8 months is really quick. Where else can they do better? Compare it with just about any other real estate deal or some other solid investment and it’s incredibly fast. I’d think you want your investors to have a realistic estimate of the real turnaround time rather than pie-in-the-sky. I, for one, follow the old, “hope for the best, but plan for the worst” time plan and actually over estimate the time it will take rather than under estimate it. Then when it pays off sooner than expected they’re really happy with me. Some things can’t be forced along. Here’s how I explain the time involvement to my investors: “I estimate at least one month to acquire possession of the premises after the auction sale. Then it will take us 6 to 8 weeks to rehab the property using subcontractors. Then in a seller’s market it will take us a month to market and sell the property and then another month to close escrow. So that’s a total of 14 to 16 weeks to flip the deal in a seller’s market. Add another 2 months of marketing time if its a neutral real estate market and an additional 2 months if we’re in a buyer’s market”. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : i loked at some of the previous messages. i noticed people were saying it will take at least 4-8 months to buy and sell a foreclosure. Does it always take at least 4 months? is it possible to complete everything in say 6-8 weeks? i have an investor who is interested in purchasing a foreclosure but i think he may be looking for a quick turn around, how should i explain this to him? : =•=•=•=•=•=•=•=•=•=•=•= : Donovan, I’d be amazed if your investors don’t think that 4-8 months is really quick. Where else can they do better? Compare it with just about any other real estate deal or some other solid investment and it’s incredibly fast. I’d think you want your investors to have a realistic estimate of the real turnaround time rather than pie-in-the-sky. I, for one, follow the old, “hope for the best, but plan for the worst” time plan and actually over estimate the time it will take rather than under estimate it. Then when it pays off sooner than expected they’re really happy with me. : Some things can’t be forced along. Here’s how I explain the time involvement to my investors: : “I estimate at least one month to acquire possession of the premises after the auction sale. Then it will take us 6 to 8 weeks to rehab the property using subcontractors. Then in a seller’s market it will take us a month to market and sell the property and then another month to close escrow. So that’s a total of 14 to 16 weeks to flip the deal in a seller’s market. Add another 2 months of marketing time if its a neutral real estate market and an additional 2 months if we’re in a buyer’s market”. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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