Over time, we will address deficiencies, many which were minor, that were identified in the inspection.

She’s very good at pointing out deficiencies and code violations that I have overlooked tons of times.

DEFICIENCY JUDGMENT Once a home is sold at auction, any proceeds from the sale are used to pay off the balance on the mortgage loan, including past due payments, late fees, attorney’s fees, etc.

When I asked the inspector he made it seem as if it wansn't a big deal and he said that this is expected from older homes (built in 1974) still he marked the foundation as deficient in his report but he did mention that the foundation is in serviceable condition.Tomorrow my option period ends and need to make a decision, I estimate that the seller is selling at around 10% below market value.

I'm not a handyman by any stretch of the imagination, and I'm not sure that I have the connections or the resources to compensate for that deficiency, so I think it best to avoid flipping.

We have a few property purchased with code violation before.You have to know what to do to correct those deficiencies, add addition, increase the overall value.However, the time span will be significantly longer than a rehab.

It very well might be the case that if the appraisal deficiency tanking your ability to close is a reason that you forfeit your deposit, or it may be the case that your lender's letter is sufficient to get you out under your financing contingency.

Bottom line: once you lease a property, you have NO choice but to provide a safe and habitable property with all deficiencies cured within 30 days. 

@Chad NickBank could assume the loss or get a deficiency judgment against the borrower (depending on state)But in the case the bank is owed judgment amount and will receive the funds from third party winner

Ok, in general, since police can call if there is a huge issue but could be abused by the city government to text or call someone when deficiencies are found at a property. 2.