Jumped in water, but don't know, how to swim...

This depends on your strategy: can you give us more details of what you're trying to do? I imagine wholesaling, in which case focus on FSBO deals, not short sales or REO's. About impossible to assign those.

If you're looking to simply purchase, then 30-45 days close is standard. $100-$1,000 escrow deposit (start low). Only state you're paying cash if you truly are. 10 days for inspection is standard.

Hope that helps with your questions and good luck!

- Tom

Thanks Tom,

I am totally confused.
I got the list for as-is, vacant, reduced price.
But, didn't pay attention, that most of them were short sale, or freddie or fanny.
After the live event last night I got so excited, went through the whole list, and looked for the magic words in the description of the property.
I don't have the money to purchase a house, not even for the escrow deposit.
How should I back up now?
She will think, I am a joke.

Have buyers for these properties??

The shortsales I know you'll need to get transactional funding for each for a double closing. No big deal, *but* each "loan" they do charge their fee per loan...which depending on the price of the house 1-2% i think for giving the loan, i would assume you need to work that fee into your profit when you assign.

I hope some seasoned Dgers chime in, but I'd go with $100 escrow if possible, with a contigency to pay after inspection? you'll have the property locked up at this point, shop it to your buyers and have them agree pay the escrow??(DG Family i may have this a little confused, please correct me if i'm wrong!)

Also, i have to ask did you use and/or assigns on the contract? was it your own contract or your agents?

Monzello-TAKE A DEEP BREATH! i'm sure it will work out fine, and yes you will have hiccups along the way, but just today how much have you learned?? ALOT! Chin up! I'll be learning with you

Thanks for your encouragement.
I don't have buyers. YET.
I am all confused with the short sale's double closing, and I am ready to back up on those offers.Needs a proof of fund, which I don't have.
And then if (when) it's got excepted I have to come up with the cash.
What happens, if I can't find a cashbuyer???

I didn't see the contract, it is done by the agent, and she is waiting for my answer with the terms.

Running short on time.

Zsuzsa

I wouldn't be too stressed over this. If you don't have buyers lined up yet, simply don't proceed. You can tell your agent that you changed your mind about short sales and don't plan to submit an offer.

I would recommend to work on building your buyers list first, and then market to motivated For Sale by Owner properties.

Good luck!

- Tom

From what u told us im sure u need cash now, from a easy as possible deal. (like myself) Well, you may have jump the gun just a tad but this is what i would do.

!My Opinion!
Tell Agent you made a mistake and only want to deal with FSBO propertys...
__________
Example:
Hey (Agents Name),

Sorry about that, I guess i was a little excited & got ahead of myself. Im not interested in short sale or REO’s at the moment please. Just regular for sale by owner property’s. No vacant land...(if u want to stay with single family homes, or add multiplex, mobile homes ect)...

Please Send me 30-50 property’s as follows:

I only want starter homes that are vacant, as is, or that has had at least 1 price reduction.

* From (zip codes you want to target) just 1 or 2
* 90+ day listings (optional)
* Under 250k (adjust if u want)
* 1000+ sq. ft
* 1950+ yr build

Also please send the listings with all the notes/comments attached!!!
These are the property i want to look at. I will sort through the ones i like & make offers on those!

Thanks Again & sorry for the mix up....
__________

Make changes to your liking, or cancel what u already told her if its the same here.
Hope this helps, but it will get u back on track!
Good Luck & Let Us Know...