If you learn about someone thinking of selling or in a situation where they should/might sell but who doesn't have a Realtor, that may still be a great deal.

The judge gave them a couple of minutes to "explain the situation", then looked at me and asked if I had anything to add.

the no money down hype may be applicable in some situations. but i don't think its something a newbie should be expecting.. especially with challenged credit..

what's the best course of action in a situation like mine?

So, when one of those reasons are present and the seller is willing to take a discount, this strategy can be a win-win situation.

What can I do in this situation?

I've got quite a few friends in the same situation.

Should I just go after foreclosures, expired listings and other motivated situations in my hot market or should I look into cooler markets elsewhere (within 90 miles of my home, where rehabs are still Listed on the MLS close to 70% LTV, or better)Now, another issue in hot markets is that the rents don’t match the mortgage payments, unless you go with the 1-5 year balloon, interest only mortgage, and even then, your cashflow is minimal (100-200/mo), so if a tenant trashes your home, you’ll be hurting pretty bad.On the other hand, the cooler markets have rents that exceed the mortgage payment (which baffles me, as I think why would anyone rent if they can own for less?).

But I can tell you I have seen this type of situation occur more than once.

For $450.00 plus a $100.00 deductible per item, I got a new water heater, a new central a/c unit, a new heat pump, some roof work, and one other item that I forget right now.The $950.00 I spent between the plan and the deductibles MORE than covered the price of the replacement central air unit alone, not counting the other three items.That said, I'd say that the warranty depends upon your situation.