I considered this a good deal; good enough to justify the additional risk in purchasing with a potential RE price decline. 

Iin my case, 2 decades of building up a NYC Real Estate Portfolio was good enough for NYS, after I demonstrated I had enough points to meet their qualifications.I also opened up my own Brokerage Firm, Work Hard Realty, for the purpose of buying to add to my Portfolio of Properties AND saving the Buyer's Commission.It turns out that for my situation in particular, there was a lot of things I did NOT know which became a hinderance, until I got around them.The most important was that if I was NOT part of the local NYC MLS, I was not able to get the Buyer's Side Commission info.

If the deal is good enough, they may not care about your credit as they would take your good deal if you don't pay. 2) HML will look at credit, but if a great deal, they may let it slide, but require a higher down payment.

That kind of deal would work great provided you can get a good enough deal, I guess I better start looking around...

For those families, the schools were good enough.

This was a situation where neither my son or his wife's credit were good enough to obtain a mortgage, but they had plenty of savings and income. 

I really wanted to get the equity out of the current house to buy investment properties but can rent if selling at good enough price looks bleak even though we really want to sell.I don’t understand what you mean when you say, “If the renovations are cosmetic, you can’t do them before you close anyway.”

Not good enough for me...

Or is it good enough to document via email that we have agreed to extend her current terms to a month-to-month until either of us notifies otherwise? 

Meaning anything worth doing is worth making yourself look foolish at first, but to always keep striving for perfection (or in engineering good enough).