There is a huge list of items that will cause a loan to be rejected - cracked window, uneven sidewalk, loose hand rails, even a small amount of peeling paint, etc.  

The second buyer pulled out less than 1 week before closing due to "financial reasons", and loosing $4,400 in the process.

I hate to loose this deal, and I keep thing that "if you want it, you will make it work" idea.

Too many generations have passed and we are loosing that self sufficiency that made this country great.Another thing to consider is that politicians in both parties are in the pockets of big money and Wall street.

These terms are rather loosely defined in the law.

@Jason Lin "Distressed" is a loose term but finding a property that qualifies for an FHA loan will be difficult.

If a buyer backs out at anytime the most they loose is their earnest deposit.* Contract re-assignment is not allowed.* As for closing cost, we are local builder and have a list of local loan officers,  if you work with them on the deal my builder will pay all our closing cost and pre-paids. 

That risk is limited to loosing the asset. 

As some of the biggest names in this community say all the time " You miss  100% of the shots you don't take" (Wayne Gretzky) I just want to take that shot, and if I miss I didn't loose anything.

Just had an inspection done yesterday and nothing major came out of it that would need immediate action other than closing some loose hanging wires and other minor things.So this is the biggest research and work we've done.