While the case law I examined suggested that the mortgage would need to be reformed and that the foreclosure proceeding would have to be re-filed, if the court and the title company are satisfied with the issuance of a corrected deed, then that is good enough for me.

I know very little about short sales, so I really needed some info to start with.To clean up some ither info:* The property was indeed pre-approved for short sale,* The selling agent got a verbal approval from the bank for my offer,* The $2500 I spent on financing can't be re-used: I am not investing in R/E; we were moving into this home as a residence ...I'm not in the market for REO properties.

@Mike Ventura - You might be relying too much on your realtor to find the deal.

@Paul SinghHello Bigger Pockets newest member! I

That said, they are certainly not my main source of deals, and they never will be. RE

As an active member, I (we) like members to post before and after pictures.

@Mark Creason  I hear you.. but I would submit the experience level of your average commercial borrower and the average BP borrower who is trying to buy low value assets will be vastly different.. if your commercial borrower did not get a request to pay for those items then they would probably be skeptical.Like all the unsolicited crap we.. get I have played with a few of them for fun.you send one e mail back and they say you are approved for 5 million  LOL.. no one does that as we know... but there are inexperienced folks that just don't really know better and they want desperately to be RE investor and they get sucked in.I just close a loan with Lendinghome on a Dallas flip.. my first loan with someone other than my commercial bank in 20 years.. and they asked for I think 150 or 200 up front for a processing fee but they did their own evaluation on the collateral .. and of course I could check them out very easily they are in SF.Its the dreamers that really get taken on these scams.. and in your world its the guy who has no money bad credit but somehow tied up some big project that goes shopping for big money.. they will get sucked into sending bigger due diligence fees and never getting funding. 

Only one second home per member is eligible for financing.Up to 80% financing available for a rental property.

Hi everyone I'm a newbie to the BP Family and I'm proud to be a member. I

The seller could be relying on the sale.