Once escrow is opened, both buyer and seller have to authorize any changes in escrow instructions.Typical seller paid items:Deed preparation; existing mortgage and accrued interest; transfer taxes; commission; title insurance; repairs based on termite inspection report.Typical buyer paid items:Hazard insurance; document preparation fees; survey; mortgagee's title insurance; credit report; loan origination fee; prepaid mortgage interest; discount points; Recording fees (deed and mortgage); termite inspection.

My approach is always to present an am schedule reflecting the accrued interest to the seller during the balloon period, and the pay off number on the maturity date ( whch you should never reach on a fast flip of course).

This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale.

Out of curiosity... if there are markets that can get 2 or 2.7% rents... versus a home market at 1.15%... why wouldn't you go to the more lucrative areas?

However with legal fees and accrued taxes and fines for two years, my total cost is about $13,000 for a house that may get $6-7,000 at auction.

Actually i can and I have the possibility to travel in the US quite often if needed, apart the problem would be for the immigration (max 90 days as tourist) unless i set up an LLC and self employe my self, but this I think would be a secondary issue, let's say after the rehab and flip is really profitable.Upon this I also would have the curiosity if I may ask, what the requirements or what the way I can be active partner business.

But just out of curiosity – why are you so sure that you couldn’t buy it?

It's part of it, and the money has accrued over time from rents so our tenants are essentially paying the bill for us, but would hate that large of an expense to come up and not be prepared for it.

Then they may come after you for the deficiency which will include the principle, accrued interest, force placed insurance, property taxes, legal fees, etc.

hi BPjust another curiosity post.I have NEVER successfully flipped a property.hoping to flip my first this year...although I am thinking it may turn into a buy/holdmy first flip, turned into rental and then sold (2 yrs total)my second flip was a LIVE in flip... knowing I was owning for only a few years.all my other properties were buy/hold/rental from the start.so Question:How many actual flips have you done?