Hi,How does one approach the Bank (BofA) to purchase a property that is already under but no NOD has been filed.

Assessed value has nothing to do with market value or what you should pay.You are buying this property based off the income approach as an investment but generally single family properties use the comparable sales approach for valuation,lending,and appraisal purposes.Local recent sold comps would be a better gauge for current market value than looking at any assessment value.Now you do want to look at assessed value for property taxes.Fighting the property taxes and getting them reduced will improve your yearly bottom line.Make sure the cash flow of the property they are reporting does not include exemptions that do not apply to you or they have been putting off capital costs and maintenance to show and INFLATED NOI.

Here is a first cut:East Austin Development CapitalizationIf anyone knows of weaknesses with this approach or a better way to do things I would love to learn about your experience.

Since you have access to financing without using a mortgage, you might find real value in these approaches.

Your approach is too difficult and it is like trying to play cards in the dark, There are a lot more ways to invest using lease options then spending so much time researching properties that may not work.I would recommend sending emails to sellers and advertising as the are many free ways to advertise for sellers, don't spend a lot of time thinking about the property as there will be plenty of time to do the math after you have a potential seller who is interested in a lease option.

We all have a circle of potential lenders/acquaintances that we could tap, without the hassle (or outright impossibility) of dealing with banks.What approach has worked for you, and what terms.

A lot of the issues at underwriting are "complex," because the underwriters themselves are not very versed with how to review financial statements either they use "self employment income evaluation," methods designed from Fannie Mae which help in determining risk analysis but to objectively know how to read the statements like a finance professional thats a different story as most loan officers are not finance professionals.

I have just purchased 2 properties with this agent (and her company) and now they want to charge me for putting my property on MLS.So, my question is this: Should I approach my agent and say something like this,"I would greatly appreciate if you would put my property on MLS free of charge.

They're designed for the state of California.If you want to critique them and think you have educated/experienced valuable feedback message me with your email and I'll send em over.

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