You need to use comps from this year and really no more than 6 months out max as a good indication of current value.

It should be an eye opening indicator that something is still very much out of whack here.

The article indicates to me that lots of people seek no advice when making major financial decisions.

So that way they can force the owners to submit any and all requested paperwork; the lender is hoping for some signs (assets) that indicate whether these owners would be worth pursuing in such a lawsuit.If the approval happens first, there is no longer any reason for these owners to cooperate ...The lender might also be looking to get the owners to sign a promissory note to cover part (or all) of the deficiency.

You want to buy at a price that makes sense to you ($130K doesn't, for you example), but the asking price gives you an indication of whether or not you can manage to buy that property.

There used to be a lot more of these types of lenders, but since the downturn and with tighter regulations, these are fewer of them around.

Hi, I caught you post toward the bottom of the page which indicates to me that no one has a plan.

If nobody ever asked for payoff statements, they would need fewer employees.

What they are doing is expecting to get X for the cost of Y..If it does turn out that they are in some way "protected," and you show any behavior that could indicate or be interpreted as descrimination (like serving a long term tenant a 30 day notice with no reason given just after they open a daycare), well, consider that risk, too.It irks me to no end.

Steph -Once you organize your LLC, you should have an Operating Agreement that outlines all the roles, responsibilities and limitations that are imposed on the members, managers and officers of the company.It is this document that will indicate who can (and who must) sign for the company.