I have had 100% success (though I have only tried this approach 4 times).

AS A NEWBIE TO BP, I WENT TO YOUR WEBB SITE: DEALCLOSINGCHAMPION.COM AND WAS IMPRESSED BY YOUR LAYOUT, CONTENT, KNOWLEDGE AND APPROACH; I EVEN PRINTED IT OUT.HOWEVER, NOW...

How would I approach this transaction.

So are you approaching people in the West Valley who are not in foreclosure yet, and offering them 75 - 80%?

In all likelihood, I would stay in the home and not flip it.Is borrowing $20,000 secured by a 2nd mortgage, and then refinancing in 12 to 24 months to take the 1st and 2nd mortgages out... a realistic approach to acquiring this property?

Your approach is very similar to mine, get rich slow is an enjoyable journey....... 8)

Furthermore, properties that are listed on the market give the banks all the more reason to sit and wait for higher offers...giving the investor no leverage at all on the approaching sale date.Plus, REA's have to conform to office politics when getting involved with these SS negotiations.

One caveat is that typically the agent would be owed a commission if you were to purchase a home that he/she brought to your attention.

Since I am working with Realtors, what forms must I use and how should I approach it with them?

Appraiser brought in comps from another freakin zip code, 3 miles away when good comps were less than .25 miles away from the subject property.