If there was a criminal prosecution, it may have settled out and he may be serving a sentence.

A newly licensed person has already been vetted for criminal history, etc.

Well, considering the lender is more than likely a federally regulated and insured instituion, defrauding them makes it a federal offense and sticking it to them on a transaction because they are the big bank that caused this mess in the first place, isn't the defense i'd want to use in front of a judge.

Agents have to abide by the 'codes' set forth by their licensing board, state, etc... but breaking those codes comes with penalties (they're about $100) and at worst the loss of their license (it would have to be a MUCH more serious offense than a ghost offer).

Solid income, over 800 credit, no criminal background (has law enforcement employment history).

No offense, but if you don't know what constitutes a good deal, you should probably be removing a few zeros from your price point to start out.Then check out this article:http://www.biggerpockets.com/renewsblog/2010/06/30...Then start reading everything on this site having to do with rentals, and that should help.

Rusty, no offense, but I laughed that you read those two books and are ready to go buy something. 

@Shelly Forte no offense taken here!

Joe- Thank you for your feedback; it was tough work to get some stability in my family's finances, I feel good where we are, its now to turn on the "offense".  

When the build price for a property is $100 per square foot and you're buying 1200 sq ft for $20k, this is a market that is criminally underpriced.And it's a once in a lifetime market.