All Forum Posts by: Phil Z.

1099 = 100% deficiency owed and probably a much higher deficiency total

Short Sale = Pay 20-30% taxes on the income, or maybe non at all if they are insolvent. Have them talk to their accountant.

It may be under 'SHOW' status which is a variation of Under Deposit.

Some people charge their end buyer a fee for them to drop out of the deal and replace the contract with a new contract between A->C.

2-6 months is normal turn around for a lender.

Don't adjust your price. The lender will counter if it is too low.

They are never really pre-approved. Sometimes the bank will 'recommend' a list price (which they word as pre-approved), but it actually still needs approval.

When it comes to real estate investing, there are 'investors' and 'dealers', depending on your strategy. A 'dealer' (aka flipper) would be similar to a 'day trader' in the stock market, while an 'investor' buys and holds for the long term.

- If you are considered a 'dealer' you may need a real estate brokers license.

- Check with a tax adviser for more details on taxes and laws regarding career flipping.

- You may just need to wait for it to become an REO.

- Your county court website probably has all the details of the auction terms.

- For Rent listings

- Eviction Court Records

The easiest way is just to set-up automatic notifications for new listings in the area you want to invest that are priced low.