This doesn’t leave much time considering it could take a day or two to open escrow, receive escrow instructions, receive a preliminary title, generate the note, deed of trust, perhaps an assignment agreement, have them signed, notarized as appropriate, reviewed by the IRA company, and then wire the funds.

No, we received the application today and our preliminary due diligence turned-up this red flag.

Their home is underwater (bought for 500k+ in '05, recent comps price it at 141k-200k).Here are additional details:-Current on payments, next payment due early next month, cannot make February payment because of engineering fee and temporary housing costs (family is staying at a hotel)-Both spouses have excellent credit, high 700’s to 800-Lender is BoA, outstanding balance on loan is 315k on fixed loan with 10 years left -House is red tagged by city, city requires engineer to do soil samples and analyze hillside risk post-landslide in order release the red tag status-Filed a natural disaster forbearance to suspend the payment-Filed claim request secondary to homeowners insurance denying the claim -Preliminary report by geotechnical engineer estimates 80k-200k to repair and install proper drainage to hillside adjacent to house-Property repairs estimated to be around 10k-Property damage:o Carpet o A couple windowso Dry Wallo Mold—water pooling from the back door, no proper dry out has been done (probably much more additional work/costs on top of original homeowner 10k estimate)They're thinking about filing for bankruptcy and foreclosing on the home.

I used excel to help me create some formulas pop out different offers.Tell me what you think-First I estimated what I could put toward a monthly payment, whether bank or owner financed-1300 (rent)-50% (expenses)-$200 (desired cashflow)+$600 (cell tower income)===================$1050This process seemed simple, but I think it should work for my preliminary number crunching.

(I don't know the Houston Area, but here in the Detroit Area, that is definitely an important distinction.)I have done a preliminary scan of the areas I am very familiar with (i.e. southwest quadrant of Houston from downtown to the burbs).

The preliminary appraisal put the value at about $120K with my repairs.

Proceeds to Litton shall be no less than $57,615.00 Litton reserves the right to adjust its approvednet proceeds or cancel this approval if any of the terms on the enclosed preliminary HUD-1Settlement Statement are altered without our prior approval.

Any and all detailed expenses statements should include a breakdown of all current staffing, including position/title, annual wages, full or part time status, and if such staffing is seasonal then a breakdown of all such employees and the number of months worked.e) Certified copies of all tenant rent rolls, including a schedule reflecting any amounts set aside as pre-paid rent, or any amount set aside as a tenant inducement, or concessions, together with the amount of any and all security deposits held by Seller or its agent.f) Copies of all maintenance agreements and all other vendor contracts, with respect to the operation of the real estate improvements located on the Property;g) Copies of any and all utility service contracts, availability and capacity letters from the appropriate authorities concerning water, waste water, electricity, gas, garbage disposal and collection and other municipal utilities and/or services;h) A preliminary title insurance report ("Title Report") for the Property issued by a title insurance company selected by Seller and acceptable to Buyer at Seller's sole cost andexpense, showing the status of record title to the Land and Improvements, along with legible copies of all recorded documents referred to in the preliminary title insurancereport.

It is advisable that preliminary purchase agreement by a notary to draw up and deliver them to register in the register.

She said that's what the contractor told her.The comps that I got (albeit preliminary) went from $200k to $335K with the house next door selling at $335k.