Because short sales are currently net 80-82% of Fair Market Value to Fannie--which is more than Fannie gets from an REO sale, not to mention that by the time the property goes to foreclosure, it's worth far less in most areas of the country and has sometimes been vandalized. http://www.rebuild.org/news-article/foreclosure-and-stripping-homes/ To ensure that the former homeowner is ready to purchase again in two years, s/he should pay all their other debts on time and use no more than 50% credit capacity on credit cards.According to the Mortgage Debt Forgiveness Act of 2007, the amount of mortgage deficiency (known as "phantom income") will be forgiven if the house is owner occupied.

I live in Kansas too ..... welcome to the site .... let me know if I can help

The only site where I have gotten good deals is craigslist.

Therefore, soft sites [older buildings] will need to be demolished to make room for new commercial space."

Then then pulled the property off the MLS, told their agent to spread the news about this "great price", but everyone knew that an offer at the asking price would not buy it.

Kathy,It started with personal contacts, then Matt Gil and I had a little pow wow and rearranged are site using the Web 2.0 approach and provided a needed product to the market that was distributed via e-mail.

I woudl hope to read of some of your advice and contributions to this site.

What an interesting, informative and exciting site!

Reg, Welcome to the site.

The NOI, based on the forecast provided by the on-site management (extrapolated from previous years), is $220K, though this is after $60K in management overhead has been subtracted.