I have read that the best thing to do when taking over a loan "Subject To", is to immediately inform the lender so that everything is out in the open up front.

Scott,As I am on a Mac the blogging software I just switched to is Mac specific.

hello everyone, i'm a beginning investor and i need some help/advice on putting this deal together.well anyway here is my story, just the other day i found a vacant run down boarded up house in a good neighborhood (were the other properties have beening selling kinda high and etc), this propery was listed by this real estate companyso i called the real estate company got the price of the property and setup a walk through to see just how bad it was inside, so the next day we went through the property and man i tell you this property needs alot of worknow at this point i am only interested in wholesaling the property to another investor because i think the rehab will be a little to much for me being a beginner and etc, so i told the agent to make an offer on the property, and after some negotiation the seller said as far as he'll come down on the price is $10,000so here is my problem, the agent said before we can go any farther i need to show proof of funds ((becuase no bank would give you a mortgage on a property like that, so whoever that'll purchase would need to be a cash buyer)) and open escrow with about $2,000 which i don't have any funds ((i just want to tie this property up/get it under contract so i can sale it to another investor)), plus the agent told me that the listing agent of the property is also a rehaber and said if i dont take it he'll take it, and the only reason he's giving me that opportunity is because he's already rehabing a couple of other properties right now ((which i don't know if this is a tactic to get me to get the property faster or what))but here is some info about this deal, the property was listed at $79,900 and was reduced to $65,000 about a month ago, then i got them down to $55,000, and the properties in the same neighorhood with the same specs are selling for $142,900 in good conditionso how to i go about tieing this property up especially when working with a real estate agent, oh yeah something i forgot to mention i even have friend that would be interested in buying the property off of me to rehab it, its just that he wants me to find him a hard money lender to work with......SO IF SOMEONE CAN HELP, PLEASE LET ME KNOW WHAT TO DO, ALL OF THESE PEOPLE ARE WAITING ON ME TO MAKE A MOVE

Feel free to ask anything you may want to know more about or need an answer to. I

Not because I feel I should but because I love to. I

With an agent that's used to doing retail sales, the comps question comes down to "is this price OK".

They owed about 130% of the estimated sale price of their home and had 4 liens that they would admit to. I

Is there any method you use to find investors to wholesale to? I

Agents for banks are charged with getting the highest possible price just like agents for any other homeowner.Not to take away from the incredible importance of a good buyer's agent, a simple reality that you'll have to get use to is that buyer agents are at a disadvantage when it comes to submitting offers; but this isn't a characteristic of just REO, it's all of real estate.

Jon my understanding of the Detroit area right now from people that I have talked to is that there are many REO properties and there might be appraisal issues because all the comps in an area may be lender owned sales.