But, there are plenty of other REO deals (those that have been sitting for several months where the bank is willing to take a low offer, for example) where you'll find less competition, and a financed offer closing in 45 days will be fine to the asset manager.But again, these terms (other than the 45 days) are great...don't let the long closing time deter you from trying to take advantage!

Also, I have a preservation Company where i manage REO assets for Mortgage servicers/ Banks/ Credit Unions/ RE brokerages.

Do you have assets and income to cover your monthly loss?

In the economic climate we are in there are way to many parts of the country where you would never get a proper value of your asset in line with construction costs.

If that number is low enough to wholesale it or sell it to a retail buyer then you're golden.You're going to need to put a COMPLETE short sale package together for the bank including a P&S agreement, Authorization to Release, Financial Statements and 2 years of the seller's tax returns along with a hardship letter explaining the reason for the default.

None of the heirs have money to pay for a probate attorney and the only asset in the estate are two homes.

Assets under management?

Yes, my properties can be liened, but I would have no authority to have the utility company shut off the water if they don't pay and it's in my name.

They have a toxic asset they want to unload to the buyer who is most likely to close.

Hello fellow BP members,I've just negotiated a decent price on a property that I plan to wholesale, however, the asset manager wants me to close in 1 &1/2 weeks and I don't feel comfortable setting a closing date this soon.I have countered with a closing date at least 21 days from the date that we sign the contract.