Calls are coming in and I still have serious questions.

[Jeff NA]

After many starts and stops trying to get started in some area of real estate investing, I finally have calls starting to come in from a direct mail campaign. Problems is that I have many serious questions, and while I don't mind telling someone that I don't know, that I can find out and get back to them, I think you can only say that you don't know so many times in a single conversation before you appear to know very little.

So without making this too long, perhaps someone with more experience can lend some advice or answers.

Two biggest questions I have:

#1. What happens if I get through the entire short sale process, the bank approves the price, the seller is on board, and I just don't find a buyer? There's no question that it would be from a lack of marketing effort, as I'm sure I'm going to go far out of my way to get my first deal done so I can move on. Surely this must happen though. If a buyer doesn't materialize, then what? What happens to the seller? How do I protect them?

#2. What happens if the bank doesn't accept proof of funds from a transactional lender? I've heard it happens from time to time, and I do not have a backup plan here.

I am most afraid of convincing a distressed seller that I've come along to help them only to have the entire deal fall apart and them suffer further consequences. Any helps or ideas are most appreciated.

[James Ward]

I will be more than happy to answer your questions.

1) If you are marketing a property and you are not getting offers, than you are marketing the property wrong. If you get an Approval for a Short Sale and you can NOT buy and resell for a profit, then you SHOULD get out of the way and let the transaction (Destressed Seller and any Buyer) happen without you. Be prepared to assist anyway you can, and be prepared to have to get out of the way.

2) We submit POF's all the time. You will not run into issues if you get a good POF.

Hope I have answered your questions.