All other offers at that point would be considered "back up" - If the first offer fails or can't get approved for whatever reason the SELLER (not the lender) has the right to look at other offers.There is WAY WAY WAY to much smoke and mirrors on the internet these days regarding short sale flips.

Fail your way to success, today is the best time to get started.

Not technically a real estate company, however, due to their large amount of RE holdings/assets, this is the place for this thread.As many of you know, there is a BP thread about the terrible business practices of BofA (Bank of America) named "the official BofA Sucks Thread"This thread is not to talk about those instances, but to inform all and hopefully for us ALL to come together and fight this crooked corporation who is "Too big to fail"It seems we are all in the "entitlement age" where most Americans stick their heads in the sand and continue with their entitled behaviors.

Tim failed miserably at his job.

The foreclosure process will vary from state to state.File is transferred to the lender or servicers BANKRUPTCY department upon filing unless it is a smaller bank.The smaller banks generally have many things rolled into one department as they do not have the default volume to justify separate departments.3 ways to dismiss in BK.The filer motions to dismiss the case.The trustee motions to dismiss the case for non-payment of the BK plan.The creditor motions for a "relief from stay" for their asset.In other words if they borrower is making the BK payment but not the regular mortgage payment the bank can ask for the asset to be pulled out of the stay.This way the bank starts to foreclose again.How a bank views the foreclosure process will depend on time lines and process for that state.From my experience banks do not like short sales while in BK as that can be viewed by the court as a collection activity against the borrower.My experience also shows that sellers are motivated to do something up until filing BK.After filing BK they get a sigh of relief for awhile.If you live in a property as your personal residence and filed BK you sure don't want to sell it.You want to milk the BK for all it's worth.The credit is usually trashed to because for many BK is a last resort after failed loan mods and many other avenues haven't worked out.

We dont mind putting the deed in his name but dont want to have to go through foreclose if he fails to pay us.

Set goals for yourself, set money aside to enjoy life and reward yourself, not only when you close a deal but even if you fail or lose!

Now, the only reason I've had multiple tenants is because one couple's job took them out of state, another's business failed and could no longer pay rent, and the third lost their job.

I think the thing most people fail to consider is that placing investment property in an LLC not only protects you from the property; it also protects the property from you (say, you get in a horrible car accident that is your fault).

Some investors make it work while others fail.