With markets going up swiftly in Midwest and more so Chicago many banks/lenders will come back wanting more money then the original short sale agreed to price with the seller but there may be a few that slip thru the cracks and get approved at the lower original agreed to price between buyer and seller.

If all is good, we can approve them that day.

I am pretty dang certain the few short sales I have purchased the banks would not have been ok with it because I had asked if i could close in my personal name after starting the paperwork in an LLC, and basically it had to go through the whole chain of command again to get approval from every lender involved to change the name again at closing time.

I entered into a lease option in September 2012. The seller and I agreed to a 3 year plan. The contract was written for 240K with a 3 year deposit till finding financing. Deposit have been met 30K, which brings the...

How to verify if a property is Section 8 approved?

On the other hand, an experienced investor, especially one I have worked with before may need only give me general details of offers they are making to get my preliminary approval before their offers are accepted.      

The leading real state books and educators teach the following basic approaches to buy real estate creatively.Some good and some not so good.Later I'll discuss the pros and cons of the best creative financing methods so you can determine which to use for your particular situationLand ContractsOptions, Leases, Options to purchaseAITD's (All inclusive trust deeds or wraps)Seller carry back deeds of trusts/mortgagesTaking subject to the existing financingNot recording the deed, which is dangerous if not properly protectedRecording a memorandum of agreement Trusts:Transfer the property to the sellers trust, get the bank to approve the transfer and then have the beneficiary of the sellers trust changed to the buyer.Just transferring title into the buyers name hoping the lender won't call the loan.Equity shareAny of these will trigger the due on sale clause and as a buyer or seller if you haven't put safeguards in place, you are unprotected against claims against the title from showing up and or the lender calling the loan due.Are you prepared to take the chance that the seller may further encumber the property or resell to someone else?

Once approved by my brokerage firm, the funds are easily accessible, therefore a cash offer could be made on certain properties.

Pre-approved and ready to buy.Any recommendations are appreciated.Please PM with any info.Thanks,Luke

Do you have a pre-approval letter or some sort of proof of funds?