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Thanks guys!

Thanks for the help Gate. Camo, you're credit is not pulled when you make an offer to purchase. Real Estate agents do not pull your credit. The only people that pull your credit are the lenders when you apply for a mortgage. For example, all of my offers are put in as cash. 90% or more of those offers will be rejected because of my 30% profit margin figured into the offer. You get no deals without making offers, so I keep making them. I'll get the money after the I get the deal.

You cannot do a short sale without the client. They have to agree and give you permission to contact the lender. Lenders cannot speak to third parties due to the privacy laws so you need the borrower. Also, if you get a short sale, you have to come through with it quickly. Lenders will do them under the right circumstances but it's never a thing where you can say, OK I'll get back to you. I would suggest checking out a few preforeclosure books to get some ideas.

That is basically what the foreclosure websites provide except tax lien information. A good way to make your program competitive is to make sure you get your info very early. A lot of those services give you the info but very late. There have been a few I found that they told me was a preforeclosure for me only to find out the auction had already taken place.

I would play it safe and say yes. They made no effort to call us to get the information so we essentially are cold calling for the sale which sounds a lot like telemarketing to me.

What do you mean "list" with you? Normally, people buy the homes, but I guess it depends on your state and the foreclosure timeline. If you have enough time I guess you could list it.

I am a mortgage underwriter and can answer the seasoning questions. Most conventional lenders have no seasoning requirements any longer. Used to be 12 months. Having said that, what I look for when underwriting the appraisal is an explanation for the increase in price from the previous sale. All appraisers are required to disclose a 36 month sales history on the subject property. If I see a house was bought 6 months ago for $100,000 and is now selling and appraising at $150,000 I need to know why and to justify that increase in such a short time. If the appraiser addresses the issue, you will be fine.

For example, if you purchased the house and did a complete remodel, you could explain it that way. If you bought it as a distressed sale (owner in foreclosure etc.) and it was sold below market, it can be explained that way. Legitimate flips like these are never a problem for a traditional lenders. The more difficult ones are the homes you bought at market price and are trying to sell shortly thereafter at an inflated value. Those will rarely get approved.

You'll have to look in the newspaper. Look for all the same classified ads you would put in. There are several big investors out there, but you'll have to look in your region. I would check the yellow pages, internet, classifieds etc.

Please don't take me the wrong way. I wasn't trying to be critical. I was going for more of a pump you up kind of thing. :wink:

I hear you Sammy. When I say I don't know anything, I've been a mortgage underwriter for many years and have spent thousands on studying the various processes. The only thing left for me to do is jump. What I was trying to say is I don't let fear of failure stop me. There's a difference between being courageous and being stupid. It may be a fine line but I feel comfortable at this point. I think as long as we all move within our own comfort levels, we'll set the standards and levels of our success that varies for different people. I am very cautious to the point where I know I could offer more but don't. I make sure I am pretty much guaranteed a healthy profit when I make the offer which means I may not see a deal for a very long time, but when I do, if I've played it right then woohoo!!! It will be an excellent payday. Also, I want to make sure, since I will be selling the contracts, I'm guaranteed to find an investor who wants it. If it's marginal, they won't. I'll take more risk when I'm using my own money. I look forward to talking with you further on the board :type: