In addition, make sure to have an assignment page that will cover you that will have options for you to accept a non-refundable down payment and having a clause for reimbursing you as an assignor for any costs you may incur while placing the property under contract..i.e earnest money or option/due diligence fees.So, if you contract a property with a seller you'll have them sign your contract, an investor buyer sign the assignment page, and place a non-refundable down payment with you to secure the deal.It would be a good idea to create a relationship with a title company or closing attorney that has investor experience to hear what advice they have for you.

SInce most contracts will have a non refundable option fee.

I once bought a non performing note with a face value of $60K for $5K.

There may be some benefit here if I donate the property to the Non Profit Idea we were discussing on another thread.

When a FHA loan is considered the credit of the non-borrowing spouse is pulled and their debt and income is also considered in making a decision.

Your local laws will determine what measures you would be required to take should the present occupants choose not to move.That's a good point Steve, it does have a 6 month window for a valid written lease unless it terminates prior to that 6 month window.....but, now I'm wondering if it applies to any buyer or non-owner occupied buyers, as many states allow a lease to be terminated if the new owner intends to occupy a property, and there could be relocation expenses as well.

If you see multiple loans by a person or non-big company (i.e, you don't care about the big banks), that's a person of interest, too.You may also have to use your state's secretary of states records to track from LLCs or other entities to individuals.

I've been involved in municpal planning as well as non-profit development.

This would not be offered if the net proceeds from the property on a foreclosed sale would be more than the net present value of the new note. the target will be 31% of gross income.So to begin with you need to determine if the mortgage is more than 31% of gross income then determine if the owner has an acceptable hardship, decrease in income , medical bills etc.need to move would not qualify for modification hardship but would qualify for consideration of a short sale, (same documentation and paper work) .

Here in Phoenix even non real estate investors are realizing that inventory is down, prices up.