Will be costly and risky, can you drag out closing pending the approval?

Here's what we do (copied from our website):Screening ApplicantsPoor screening often results in lost rents, legal & court costs and costly damages.Screening of applicants includes the following:Full credit/eviction/criminal checks are done, instead of score-driven reportsVerification of rental history includes validation of actual property owner to avoid fraudVerification of stability of income & employment via YTD paystubs & W-2(s) (analyzed to confirm not fakes)Income is calculated 3 ways to spot stability anomalies: pay period, YTD average and YTD + W-2 average.Debt-to-income analysis (more accurate than traditional 3x rent requirement)Bank statement to see if NSF issues, if deposits support income, prove MoveIn Funds, also analyzed for unusual transactions.Pet screeningHolding Fee required from approved applicants to make sure they are serious, before your property is marked pending.

The buyer just needs to be comfortable that there are no pending liabilities, and it will have to be a cash buyer.

The plan there is to convert it to a 7-unit apartment building (pending site plan review with planning commission in a few weeks).

Banks are very hard to negotiate with but if you can provide a full contingency release pending the price reduction, you might have a shot.

When she told me she is buying a coop, i asked her if she realizes everything is pending on them approving her and that they may not if they choose to. 

Commercial line of credit pending that your property can sustain that debt. 

The Seller should contact the Tenants and let them know of a pending sale, but most states have no legal requirement for this.

The numbers only tell part of the story, not the condition of the building.Thanks for your comment Theresa...future conditional offers pending inspection and "approval of other partners" of course.

I had a similar situation occur after buying a property at a HOA foreclosure and it had nothing to do with title theft, which at best is a terrible misnomer.I bought the property knowing there was a pending foreclosure of a first mortgage but which had not yet gone to judgment much less sale.