A bona fide buyer will run the numbers and will establish their expectations on the financials stated in the offer.WOW, you say, what a way to loose a sale? 

We also assumed renovation costs of $10,000, without actually getting a bona fide contractor estimate. 

Phase I alone is going to run at least a few thousand bucks and he has to get one in order to be a bona fide prospective purchaser under CERCLA.EDIT: Guess I should add a caveat that it sounds like the friend is just buying from someone who already developed the site.

It's unfortunate, IMHO.And yes, there's an investment element in a bona fide corporation.

The only recourse you have at this point is to come up with the full reinstatement amount, or have a bona fide sales contract to sell the property prior to the foreclosure date.   

(g) A bona fide lender for value without notice accepting a voluntary lien against the real property to secure the adversely possessing cotenant heir's indebtedness or a bona fide purchaser for value without notice may conclusively rely on the affidavits required by Subsection (c) if:(1) the affidavits have been filed of record for the period prescribed by Subsection (e); and(2) a controverting affidavit or judgment has not been filed during that period.

But I'm surprised that no one has already mentioned a simple appeal to logic here:  it should be stated quietly but firmly and often that a bona fide purchaser (that is, you) is interested in acquiring this physically and monetarily distressed asset for a reasonable, already-negotiated price, and that the Brother has the choice of accepting that price, or getting wiped out and receiving literally nothing.  

@Cody SteckIf you market the property without legal title and not "acting agent for" with a bona fide listing agreement, then you are breaking the law.You can market the "option to purchase" because you own the option (optionee), unless the optionor has prohibited it.

In order to establish whether a particular gift of down payment money is permitted, we have to examine what the FHA describes as a bona fide gift.

Account ClosedNo, UBIT does not apply.Yes, the individual who used his 401k funds to invest in his own business can draw a fair salary as one of the main reasons of using the ROBS 401k arrangement is to finance your own business and you are required to be a bona fide W-2 employee.