Do I hear a challenge?

You need to keep in mind that most owners want to remain in their house (that's why Bankruptcy rates are so high because that will keep them in the house longer).If you approach asking them to sell..... you are facing near-impossible odds.If you approach with useful information about the foreclosure process and what options they may or may not have.... you stand a reasonable chance to gain their trust, bring them from denial to acceptance and hopefully... they will realize that selling may be the best chance they have and you are first in line.I want to note that while I disagree with ProHabber on his opinions of short sales, I am in agreement with him on nearly all of his advice he has given on this website.

They're about 5 months behind on payments.Here's the numbers:FMV after fixing about $105K-$115K.Probably needs about $10K in repairs.Loan balance is about $48K,Bank wants about $5K in late charges and legal fees to date.Wife wants to walk with $7500.My attorney (who's also their attorney and brought me the deal) suggests paying the wife the $7500 (obviously I'd only do this into escrow subject to my getting marketable title.Then buy the bank out (HERE'S WHERE I REALLY NEED YOUR HELP), I sure don't want to pay them full face on the note, nor any late or attorney charges.

Look at one more staggering number is that every day in the good old USA we have 1 million people facing foreclosure!

the no money down hype may be applicable in some situations. but i don't think its something a newbie should be expecting.. especially with challenged credit..

This strategy works well even when the seller has an underlying mortgage, is facing foreclosure, or just wants to sell the property quickly.

But, I hate all the disclosures and liability that go along with investing on my own with my license.I understand that if you are dealing with the "average" agent, that you would want to consider your own license, but the liability isn't worth it if you pick someone like myself, that's decent, to do the searching for you.The biggest challenge you come up across most agents, is they've NEVER invested other than buying their own home!

We are in business not only to make a profit, but also to assist others because we enjoy helping others.I know for me personally, there is nothing more satisfying then seeing the look on the face of a first time home buyer when they are handed over the keys to their new home!

I have seen many astonished faces.

If you really want to find investors, you should do so face to face.