While it's possible that the bank has stipulated that they require this large EM deposit, as Josh pointed out, it's probably more a suggestion than a requirement.I would clarify with your agent (or the listing agent, if necessary) to determine if this is a requirement or recommendation, and then make your decision from there.

JB,You can not assign a contract on a short sale or REO (bank stipulations, not a legal prevention) and so you have two choices:1.

Your PSA (purchase and sales agreement) should stipulate that seller will turn property over to buyer up to all codes at sellers full expense.

You're 30 days away from approvalAnd then your 30 days away from selling too as B of A will most likely have a stipulation stating you as the buyer, may not re-sell the property for 30 days, leaving you with a problem.Of course I may have the answer to that problem!

Obviously this would only work with projects that can reasonably be estimated for time requirements (I think most would be)Is this a ridiculous stipulation, or could it be worked into an agreement and provide better performance?

A pre-payment penalty is a stipulation in the loan agreement calling for a specific payment to be made to the noteholder if the loan is refinanced or paid off.

Also, if there is anything else you could tell me as far as what to look out for when dealing with such tenants and what type of stipulations to expect the tenant to include in the lease.

I would also stipulate in the contract that if you haven't moved the mobile within 30 days, you forfeit the mobile without any expenses to you (something like that).

If your contract grants you a period of time to evaluate the property (called a "due diligence" period) then yes, you have the right to try to negotiate with the seller during this period of time or even to walk away from the deal and get your earnest money back.If your contract doesn't stipulate a due diligence period, you can still try to negotiate, but the seller is entitled to your earnest money if you walk away, so you're unlikely to be successful in a negotiation if this is the situation.

Originally posted by Ryan Webber:...In every state other than Indiana, I would recommend assigning unless you are going to show a large profit, and then I would recommend double closing. ...Although assignments in PA haven't been prosecuted as in the Indiana case, there are other issues stemming from PA dept of Revenue rules that stipulate colection of Real Estate Transfer Taxes on the assignment.