It usually takes me two weeks TOPS to sell once I start advertising.I sell for low ($2K usually) down payment at 8%-12%, 30 year amortization, 10 year balloon.

My general rule of thumb on paying fees is easy; When I buy the seller pays, when I sell, the buyer pays".As far as the balloon payment, on a 10 year balloon, you just read down to the 120th month and viola, you have the number.all cash

I think you also have a real hard time writing a letter of distress with another property with equity as well.

Its pretty cool, but you do have to put down earnest money, 500 to 1000K and you must also have proof of funds or preapproval letter.

If there is a balloon due in 2010, what happens then?

Needless to say that by the time he the time came back around to refinance the home this year the home value had fallen and the mortgage had ballooned.

Got a letter from a low-life, scumbag, waste of skin TV contingency lawyer on that one.Then, a woman was driving her car while talking on the phone and carrying her hot coffee.

Before you purchase have your title company do a title search and issue a commitment letter.

Keep in mind that REO's and HUD's require proof of funds or the letter before they will even accept your bid.

I have recently received call backs on letters I have sent to houses that were vacant.