Tim - I'll bet your Dad taught you the meaning of real work, something far too many don't know much about.....

Based on your posts, I bet you'll have a lot to offer to the forum!

Or can you do this and keep the property and just get an equity loan or line of credit against it to pay back the money borrowed.

So my final price was only a 19% discount from ask, which is close to in line with what your realtor was telling you.

Once or twice with a Fannie Mae REO they required that I put 10% of the purchase price as earnest money, so I had to put $3,000 or $4,000 down.Bottom line being that I wouldn't lose a deal over earnest money.Now something to know in Texas, if you default on the contract, which means you don't close but you are NOT using a contingency, then the other party can take the earnest money OR they can sue you for specific performance and/or damages.

I'm using borrowed funds to purcahse the notes, so I don't want to sit there paying my debt service for longer than 3 or so months without having an auction lined up.

Will a non-binding, preapproval letter from a mortgage broker for a line of credit in the needed amount work?

I purchased the condos using a home equity line of credit.

YEAH BET GOING TO THE LOCAL REA WOULD BE A START, HUH?

As a short sale investor we promise a fast close, but If you know you will flip the property but don't have a buyer lined up..., how much time after the approval do you try for?