b) Have them look for "distressed landlords" who just want to get out of the rental business.c) Buy the home contingent upon acceptance of the current tenants and do your own screening of them.

Half of my kids will be attorneys specializing in contingency cases.The other half of my kids will be attorneys specializing in drawing up deeds, writing sandwich lease options, evicting tenants, creating LLCs and land trusts, and so forth.And the last half of my kids will become politicians.Man, can you spell 'return on investment'?!

ARV around $280Asking $230Foreclosed on $215Opening offer $170Hoping for $195This bank only does no contingencies, so I need to know what to look out for up front.

Once or twice with a Fannie Mae REO they required that I put 10% of the purchase price as earnest money, so I had to put $3,000 or $4,000 down.Bottom line being that I wouldn't lose a deal over earnest money.Now something to know in Texas, if you default on the contract, which means you don't close but you are NOT using a contingency, then the other party can take the earnest money OR they can sue you for specific performance and/or damages.

I'm considering an offer on an REO that has no contingencies.

ALWAYS using a contingency will ALWAYS make my offer better than yours.Again, contingencies have a place.

FYI without any ludicrous contingency either.

For the most part, I agree with you.However,My philosophy is to get the transaction done and provide great service throughout the process.In your efforts from the statement above, it Can be the case where a deal is done that maybe shouldn't have or maybe an important contingency is missed on the buyer's behalf, etc. etc.I like how you have an ethical approach to your duties.

Buyer’s obligations under this Agreement shall be contingent on the Buyer, Third-Party Buyer or Third-Party Buyer’s Lender obtaining an appraisal of the Property satisfactory to Buyer, Third-Party Buyer and Buyer’s Lender showing the value of the Property to be equal to or greater than the Purchase Price.1.Buyer negotiating a “short sale” of the Property with the existing leinholder(s) that will allow Buyer to pay no more than XXXX total for the Property.

Certainly you wouldn't want to be flying back and forth for a low income place like this.Finally, I would create an exit plan contingency before closing so you would be able to verify important points like these and also the expenses and income the owner claims.