In special circumstanceswhen an appraisal is not possible, the First Party may accept other substitute value confirmations athis option.

Substitution of collateral!

What you need to do is get the seller to agree to a substitution of buyer and then name your SDI as the buyer of record.

There is no substitute for hands on experience and as such, I highly recommend you get with a few other rehab investors and go to their porjects and ask questions.

(substitution of buyer, place offer in your LLC and sell LLC, adding end buyer to your contract and then quick claiming your end over on closing day, etc.)With REO's and short sales, it is usually a more simple process to use transactional funding, but you incur 2 escrow costs and the cost of the transactional funding (2 points usually)

If you are looking in a Deed of Trust state rather than an actual mortgage (like NC) - the first step is usually a Substitution of Trustee since it's typical for the closing attorney to be the original Trustee but when the payments get behind, they want to substitute their own attorney to start the process

With that said, there's not substitute for an actual cma from a realtor, but this is a great starting point to give you a general ballpark figure.

I would encourage you to take more sales action to develop more leads, for which there is no substitute.

There is no substitute for local knowledge.

First time I have ever heard of a buyer being substituted typically the banks won't do that.