All Forum Posts by: Phil Z.

Almost all REOs need to be unloaded quickly .. so I'm not sure why that matters unless your really just asking how you can find pre-market MLS deals?

Kind of an oxymoron question :) .. 'I want to rent in a no-renting community'. The answer is you can't rent it (legally).

I would write Hard Money with a 7 day commitment, if that is what you intend to use (and your HML can commit that fast, mine can).

However, you can also use Hard Money and NOT have a financing contingency if you are that confident (you will lose your deposit if you don't get a commitment).

I've never had an issue securing a deal with a contingent HML with a quick commitment.

Wayne's response is correct.

Just make sure you have a clause that it is subject to your successful closing of A->B.

Who's on title doesn't effect who would owe the bank (the borrower owes the bank, and possibly the estate).

In any case, every short sale approval should have a waiver of deficiency in the approval letter.

In my opinion its going to be a waste of time.

First of all .. if you didn't see the house, you really can't make a good offer.

Secondly, by the time the first deal falls through, it could be 6+ months away and since you dont have an executed contract, then you will probably want to change your mind about what you are willing to pay.

I would just email the agent and request they contact you if the deal falls through.

Yes, just ask the agent for access (they should be there with you if your not licensed).

61 day closing.

1. The owner has no idea what they are doing. All the liens should be on the hud and approved by the lender. Also the lender needs a copy of the HUD and contract before they approve anything. Long story short .. he has no approval.

2. The owner can not get 'overages' and is looking at jail time if he thinks he's going to tell the bank he has a lower offer and 'walk away with the difference'.

In most cases you will get your deposit back, but be careful how you word your reason termination and make sure it doesn't break any agreements of the contract or short sale addendum.