If the appraisal issue can't be resolved, oftentimes it will never get formally submitted.It's getting tougher to find these lenders nowadays, but start with your small local and regional banks.And, as mentioned above, if it does get submitted, you're stuck for 6 months...

If you remove yourself from the deed without the mortgagee's (lender) consent you may trigger the "Due On Sale" clause which essentially will call the entire mortgage due.You need the mortgagee (lender) to remove you from the mortgage formally and then you can remove yourself from the deed after or simultaneously.

In regards to value, if this is a part of probate then at time of death value will need to be obtained with a formal appraisal.

How would you structure this agreement formally?

I would formally send a letter about the inadequate due diligence material as a cause to cancel the contract and refer to the clause in your contract about diligence material and the seller breaching it by lack of providing.

Owner Owes $85,000PITI is $794.00.Owner lives in another state and home is vacant.Our Strategy:[/b]RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT©I believe the RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT© is the Agreement used between ourselves and the SELLERRESIDENTIAL LEASE1) Rent: $ 800.00 per month (Based on current rents in the area)2) Lease Term: 12 months, beginning September 1, 2012 and ending September 1, 2013 .3) Maintenance: Buyer/Tenant will be responsible for maintenance and repairs of the property, not to exceed $200.00 per incident.OPTION to PURCHASE4) Purchase Price:$89,9895) Option Period: 36 months, beginning September 1, 2012 and ending September 1, 2015.6) Option Consideration: $10.00 All Option Consideration will be credited in full toward the purchase of the property.7) Rent Credit: Buyer/Tenant will be credited $400.00 per month toward the purchase.8) Closing Costs: Purchaser will pay all allowable closing costs.9) Expiration: This offer shall expire on August 9, 2012 at 12:00 midnight.10) Inspection: This offer is contingent upon physical inspection of property and subsequent completion of a formal and signed Residential Lease with Option to Purchase Agreement.MEMORANDUM OF OPTION to cloud titler Tenant/BuyerWith our Tenant/ Buyer we will use the following documents:OPTION TO PURCHASE AGREEMENT© which cannot be assigned.Purchase Price: $93,000Option consideration: @5% $4650.00Rent: $900.00Lease: 12 months, renewable x 3.RESIDENTIAL LEASE AGREEMENT© Unassignable.Your critical analysis of this deal is highly appreciated.

Another alternative would be to get yourself a buyer agent for this one specific property and have them submit a formal, written offer with a deposit, not just an e-mail with an outline.

Macomb County has some nice areas (I spent 23 years there) but it also borders Detroit at 8 mile.

You will have many more formalities to comply with.

Anyone have anything formal they can direct me to?