@Joel Owens: I agree with your statement.

In the FOMC statement they say "The Committee currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013."

A statement from the carpet cleaner who tried to remove the stench would be a good start.

The broker I work with advised of that just yesterday, and says he's now writing the hard money loans with a nine month balloon instead of six.I don't quite understand this statement from Loc:But what if you dont have enough money to pay off the hard money loan because the expenses of renovating the place.

The above statement is flat-out wrong, so I don't know why Aaron Norris thinks it "rocks."

Not only does it do a good job of calculating principal and interest and handling all of the monthly tasks, but it has the software to print the 1098 and 1099 statements required for the IRS.jay

Before you get into any of these next steps I suggest you do some cash flow charts, an income statement and a balance sheet for yourself.

In California it is a line item on the HUD-1 statement.

Dave, I believe your statements to be correct.

If the house is acceptable and the inspection contingency clears, title work will be ordered by the attorney and a closing date established at which time a closing statement is drafted and you are notified of the funds needed to close.