Many lenders will have received BPO values from agents and maybe a formal appraisal before the auction took place.

The survey is a formal report that is commonly used when a developer is looking to build new units in an area.

By true short sale I was talking about a deal where the lender formally agrees to take less than what is owed and they close out the note plus release the lien.

Some pay up front for formal education and others prefer to learn on the job.John Corey

A modification typically involves a formal agreement whereby the arrearage or portion thereof is added to the unpaid principal balance.

Have then formally write up what they are agreeing to.

Formal education is not the secret but education is.2.

You are very fortunate to be exposed to a formal real estate education.

I have long advocated informing the lender in all installment contracts, wraps and sub-2 transactions.As John mentioned, a properly given notice will keep them from saying they didn't know but more importantly, after a period of time and if a formal objection is not made or notice to accelrate the loan is not made, that may be construed as acceptance of the deal!

Jim,Thanks for offering your opinion.Like you I do think the issue was the fact that effectively the person was brokering.Tangent and my opinion on being a birddog.The structure used is a lot more formal than what most birddogs work with.