Even the borrower's comps are not used initially, because we want to see what they skipped over that would support a lower value.In our case, we want to be sure that in a worst case scenario, we come out whole.

The good news, individuals who hole a second mortgage behind a bank loan are often allowed to assume the first, but not every bank nor in every state or circustance.If you invest in yourself and go to the required classes and become a licensened mortgage broker, you might be able to skip the first stage of processing and get a job as a mortgage originator at a bank or brokerage, at some point you will need a license.There is also a possibility that a local brokerage will take you off the street, send you to school and give you a job!

Search up in the right hand corner for "skip trace" there are quite a few threads with answers for you.

(Okay, I'm playing with you now)So, allowing non-recourse debt is not a method for a borrower to skip out on the responsibility of paying as agreed, it is not a method of circumventing responsibility to any lender (bank or private person) at the expense of the trust, reputation and good character of any borrower.

In other words if I appraoch someone and ask them to deed me their property for a few hundred bucks and I want to skip all the formalities.

Skip the Mortgage Brokers, residential lenders.

Nope, I have decided to skip the house I was interested in and keep looking/bugging owners for seller financing.

Think about it:If you finish the deal having made $1 an hour, wouldn't you have been better off skipping the risks of rehabbing and working a job?

A buyer would certainly feel confident that you didn't skip any repairs.

Actually, there are a good number of things you need to figure into your calculations, but I'm going to assume that you have already learned about those things from this site or elsewhere, or if you haven't that you will do a search here on BP after reading this.Okay, I'm not trying to sound all doom and gloom and scare you away, but I would rather you skip out on a deal than get into something that hurts you.