Experienced Investor Will Answer Questions for next few days

[kberly]

OM Gosh, perfect timing.  I have a homeowner on verbal agreement just today that I can do my first short sale.  What steps do I need to take with the bank to accept my offer?  Do I get an appraisal and pull comps or both?  It's a nice home in a rapidly growing area, very little rehab and I can pick it up for 40K or less, which is what the homeowner owes!!!!  If I get an appraisal, I expect it to come back at more than what's owed.  Would it be adviseable to offer 25K or less?  Too nice to rent, has to flip.  Help!!!  I don't know who the bank is, we'll be discussing details tomorrow.  Post foreclosure, current redemption almost over, not yet released to market, any concerns with this? 

Thank you so much and if I can ever return the favor, I get some great leads and I am ready to help!

Kim

[jsbrown99]

   

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In Kentucky if a property is listed with a real estate agency and the seller wants to do a lease with option to buy with a seller, is the real estate agent entitled to a commission?