That shaves 4-6 weeks off the process. 

Seems like something is off but hard to know what specifically without more details.

hypothetically speaking, If I saw a distressed property and I contacted the owner and he is willing to sell me the house for X amount. What is my next step (what contracts etc do I need) without involving realtors so ...

Is it worth waiting until September and hope the market is still as strong or take the hit on capital gain taxes and sell now.Secondly, if we do hold this property would it make more sense to prioritize debt paydown (instead of investing in another property, put our cash towards our mortgage payment and have it paid off within 10 years.

Then the goal would be to either sell it off or keep it as a rental for a long-term hold.

I am a realtor licensed in NY and NJ, sourcing off market fix n flips, development and investment deals to investors and developers.

Thinking the 1st lien note holder needs to pay off their 2nd lien note if the 1st lien forecloses2.

During my off time I will be picking up additional overtime flights as well so I am rarely ever home with travel.

I agree, there is more inventory and it seems demand is dropping off. 

Off the MLS - Had it under contract twice. :) Long story - How did you finance this deal?