Originally posted by Bryan Alenky:this is normal practice where i am..i think the banks are tired of having "qualified" buyers not be able to close, so they crosscheck with their banks to make sure they're dealing with qualified buyers...they don't force you to use their bank though, as far as i know anywaysThis is what we discovered over a year ago when we started shopping for property again, i.e., the REO seller requires that THEY pre-approve you before you can submit your offer.Let me get this straight - BofA, Wells Fargo, Chase, etc., are all sitting on a mountain of REO's because THEY lent money to a host of unqualified borrowers, but now, THEY are the experts when it comes to pre-qualifiying a borrower coming from another lender???

For apartments I'm able to go online and discover what many nearby apartments are advertising various sized units for along with the amenities offered.

Germain Depository Institutions Act of 1982, (U.S.C.) 1701j-3(d)(8),“With respect to a REAL PROPERTY LOAN secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon a transfer into an inter vivos trust in which the borrower is and remains A beneficiary and which does not relate to a transfer of rights of occupancy in the propertyâ€.

This is because of the loopholes and subsidies built in.That is why you hear about Exxon and GE paying no taxes some years, etc.From Mother Jones, " In 2008, the New York Times discovered that one in four of the US's largest corporations regularly pay no income tax to the IRS, and billions are lost.

I have taken several CCIM and Appraisal Institute classes and am learning as much as possible about short sales, foreclosures, and REOs.

It is hard to achieve very high returns with much larger apartment complexes, though, because you will face competition from institutional buyers such as REITs.2.

Appraisal Institute has all the information you need on becoming an appraiser.

If you come accross a deal where you think lumps and bubbles will be appropriate and the note is to be sold, get with an institutional note buyer and run it by them to see what they would pay for it.IMO, if the add your bubbles and lumps without due diligence, you'll likely end up in a real mess.

As you are discovering...it can take a lot of offers to get the property that you can make the profit that you are looking for.

Bryan, how far does an institution have to be to lend money?