I made the statement Jim quoted above as further support for this rule, at least as it applies to apartments.

Your statement that there may be homeless people inside worries me a little because even if it burns down, or gets condemned, you have to repay the 8K.This includes situations where you sell the home, you convert it to business or rental property, or the home is destroyed, condemned, or disposed of under threat of condemnation.

Just make your offer, give them the earnest money, and try to find your buyer.Realize that "a short sale has been approved" statement means absolutely squaduich.

Actually, a wrap is another name for a "subject-to" mortgage or all-inclusive trust deed.I have to respectfully disagree with Nick's and Jon's statements about the seller lacking any control over the subject-to mortgage.First, the seller can set up an escrow service account to handle the payments.

The strongest offer for banks is a cash offer with a quick closing; no contingencies; and a large downpayment (or bank statement showing that you have the CASH).

There's an assumption in that statement that the current fall in prices is the unusual part of this equation, and that it will eventually be worked out of the system.

That's NUTSCover letterP/SHUD12 months bank statements (summary)2 months paystubs2 yr tax return (the 1st 2 pages)Hardship letterPOFaverage 15-17 pagesAll that extra crap isn't worth it or necessary!

"most" lenders will allow you to show the buyers statement VS a recorded deed - the title company can provide a gap letter for the time difference. in detroit deeds can take 6 months to record so it is VERY common for lenders to accept your closing doc's as proof (and the date on your deed VS the recordation date)

I'm just starting and I'm betting you didn't appreciate such negative assumptions about "wannabe" investors when you were getting your start.I think this is a very fair statement and I would agree.

On the HUD statement, everything is out there in the open.