Couple of questions

[Shannon X.]

After reading online blogs and these forums and not understanding some questions I have written down a few that I would like to ask.

1) How do you find out how much money is owed on a house? For example I find a seller who wants to sell their house to me, would I just ask "Do you owe anything on the house?" and hear their answer or what documents should I ask for in order too see proof.

2) I'm not sure if this rule applies only to flipping, however do you always use the 65% rule? When would you use 60% on the ARV?

3) if you find a house buy its not worth the time for you and you pass it onto someone on your buyers list and they purchase the property how will you get a referral fee? Should their be a signed document or is the honor system in use when it comes to this?

4) What exactly is a probate letter? And how do you go about on finding people to mail them too?

That's all for now

Thank you