General shortsale ramblings...
First off, I thank all of you once again for your insight and advice. I'd like to make a couple of points, and just see if anyone would like to comment and/or disagree. 
Then I'd also like to pose a couple of questions.
1. Short sales appear to be much more conducive when a junior lien is NOT involved. I was very stubborn and refused to even sort of "see" this though people in the forum pointed out otherwise. (Have you ever been so excited about something you kind of miss a crucial, vital part of the process?) 
It also appears to be a very good idea NOT to mention the junior lien in the HUD-1 forms, OTP, etc. that you would submit to the 1st mortgage. My first (now dead) deal seemed to deflate partly from that. However, not would not mentioning it just delay the inevitable?
2. I've read many times that sometimes a face-to-face discussion is best for nabbing a motivated preforeclosure. For example, knocking on someone's door and "tracting" so to speak is more effective than an impersonal letter. Do any of you feel otherwise?
3. Even John Locke has stated that it takes *some* money to get things started. But is it possible to do otherwise if you have a double closing? For instance, could the cost of title insurance, closing fees, etc. for our end of the deal be essentially delayed until the the closing of the buyer's side, thereby rolling all payments from it? (Does that even make any sense? I apologize if it doesn't.)
4. From all of your experience, what's the average time one has available from the time lis pendens(sp) is filed to auction? I know this can very from bank to bank, area to area, but I just want to get some educated guesses. 4 weeks? 4 months? ??
Thanks again for all your effort, and patience with me. I knowcan be a royal pain in the lender, if you catch my drift. 
Andrew
I'll take a stab at this, but be advised that these are my opinions, based upon my own experiences. They are not intended to encourage you, or discourage you.
#1. The presence of a junior lien may or may not be a problem in negotiating a short sale. However, if YOU find this to be the case, then avoid a short sale solution when confronted with a deal that (were it not for a junior lien) would otherwise prequalify for short sale consideration. Consider another technique that better fits the scenario.
If you find that success is dependant upon deceit and/or an intentional (material) omission, you didn't prequalify the elements of a successful short sale.
#2. A face to face meeting is crucial to further prequalify an opportunity.
#3. If you don't have a nickel to spend or lose, then you are kidding yourself if you think that you are an Investor. Perhaps this describes a speculator, or an entrepreneur who is unwilling to risk money to make money. There is nothing wrong with accepting a transaction fee, or a referral fee. But that isn't "investing"
in the true sense of the word.
#4. This varies from state to state, from county to county, from lender to lender, and can be heavily influenced by the mortgagor's actions.
Quote:
If you find that success is dependant upon deceit and/or an intentional (material) omission, you didn't prequalify the elements of a successful short sale.
I see what you mean, and I see why a junior lien would kill the elements of a sale like you were saying.
Quote:
#3. If you don't have a nickel to spend or lose, then you are kidding yourself if you think that you are an Investor. Perhaps this describes a speculator, or an entrepreneur who is unwilling to risk money to make money. There is nothing wrong with accepting a transaction fee, or a referral fee. But that isn't "investing"
in the true sense of the word.
So, by that description, bird-dogging is the only valid means to getting started in real estate when you're essentially broke, right?
However, I suppose the more precise question on this is whether investing *can* be done when you're flat broke. It's obviously going to be a much larger challenge, but is it possible?
Otherwise, that's sort of depressing. Comes back down to the "have to have money to make money" rule.
Andrew
Mike,
It's good to hear from you. Any words of encouragement are good right now, particularly since my first deal flopped.
I look forward to hearing your progress. Good luck and let us know!
Andrew
You can make money in real estate of you are broke. Sure, it's much more difficult, but possible. I think that assigning a contract is a terrific way to make money.