I love getting a more indepth, behind the curtain perspective of these types of transactions as it helps tremendously when you are in the pits.I interviewed a short sale attorney today, and his negotiator which just left him supposedly just negotiated a situation where the bank paid the attorney 13k for the "attorney fee"....Typically I have seen agents cap out at 7% commissions, and the lawyer/negotiator taking down about 500-3000 a transaction.

I had even consulted my lawyer and he said it would be to costly to fight them, and I should probably try negotiating as I did for the initial loss. well I did just that and got them up to 4 months and considered myself lucky.

Here is some important information32 UnitsClass C property in a B neighborhoodA block from nice shopping, restaurants, etc.Original owner held since building in the '60's, recently passedOwner's daughter is out of state, with no experience in real estate (she is a lawyer though, so not clueless)Expenses appear very high (reported 75%)Many tenants who havent had rents raised in 5-10 yearsRents sit around $0.73/SF, there appears to be room to take them to $1Here are where things get interesting:Reported FinancialsGPI $222,000Expenses $152, 327NOI 44, 646Based on the expenses, I am comfortable saying that I could remove some, (for example, they are paying 2 management companies, one of which is family owned, I believe to reduce taxes).  

I am not a lawyer-no legal advice given, but my understanding is to make sure the bankruptcy is closed.

I am looking into opening a case with them i just haven't found a lawyer yet , the amount of money from the fraudulent charge is small i am more worried about the damage this has done to my credit and fees from all the other banks that i missed payments with .

(I'm not a banker or a lawyer and you should ignore everything I have to say on the matter.)

Talk to a lawyer to set up an entity that buys your property in the future.

I have wasted my time talking to bankers, CPA's, lawyers, etc to try and learn and all I ever get from them when trying to understand how to enter real estate is "it depends."

Minor issues aside, the Seller and his lawyer were adamant that no R&W survive closure.

Of course, you will want to hire a lawyer to complete the foreclosure.