(Great way to starting building a realtor-investor relationship)The bank makes the final decision regarding price after they order either a BPO or Appraisal or both depends on the lender.The short sale process takes usually takes 90-120 or longer days depending on the sellers cooperation and how fast the agent works with the bank submitting paperwork received from the seller but ive seen them go 6-12 months :(One warning really try and screen your seller to make sure there not using you the agent to just buy ore time in the property you must take there word on this but hopefully they have good intentions.The uglier the property for me personally I only love properties that look like the guy from lord of the rings (The Precious)Sorry for the lengthy reply just wanted to be thorough.Good luck!

However, the Lenders all want to see a more lengthy experience with that income (typically 12-24 months) before they count it as income.

my last two deals had perdiems in them. one was "i lose 3k if i dont close on that date". the other is "i pay $75 per day for every day overdue".

It's a bit lengthy but this might help: http://www.biggerpockets.com/forums/311/topics/140...

The legal process can be lengthy, so really, as I said to start, it's all about your risk profile.

Just make sure that all the investments are truely arms length is all I'm saying.

But given that you are 13 hours away, the lengthy foreclosure, and the fact that they formerly owned the property, I strongly suggest you have a professional do this one.

Yes i'd file immediately but depending on the situation (sounds like she pays rent on time) I'd work with her to make payments especially if this was an unexpected $700 bill and not a case where she just hasn't paid the last 3-4 bills (If the latter then shame on you too lol).I word my lease so that overdue water bills are paid before rent so in this case she would be $700 behind on rent which would make it easier when filing court papers.

It does say in my leaseIF TENANT VIOLATES THE LEASE AGREEMENT, THE LANDLORD MAY SUE EACH TENANT IN COURT:1)TO COLLECT OVERDUE RENT, LATE CHARGES AND MONEY DAMAGES CAUSED BY TENANT’S VIOLATION OF THE AGREEMENTS IN THE LEASE.2)TO RECOVER POSSESSION OF THE LEASED PREMISES (EVICTION).3)TO COLLECT FOR UNPAID RENT UNTIL THE END OF THE LEASE OR UNTIL ANOTHER PERSON TAKES POSSESSION OF THE LEASED PREMISES AS A NEW TENANT.

It could be your 3rd mailing that they finally react on simply because they got another (over due) bill that very same day.