We have encountered companies which will not underwrite knob-and-tube or aluminium wiring {which can be perfectly safe}, but never one that refused paper/fabric-covered wiring.What does your insurer classify as "fabric/cloth covered wiring" {I cannot really see the pictures closely enough).  

If the NOD has been filed and the property is going through it's listing phase in the local paper leading up the the auction date are there any impediments that would prevent it from being a viable (assignable) deal?

You'll hopefully never need the piece of paper, but just knowing (and remembering) what you agreed to is usually enough to keep things going on the right direction.

Because if you decide to "trade up" for a bigger property in NYC in 10 years, that property will have also appreciated a lot, so you'll be buying high and spending a ton, and the profit will have been on paper only.

We called this the "retro room" because of the 2 layers of awesome wall paper.

No piece of paper can prevent hurt feelings if the situation turns bad.

With both of us debt free, we are starting our wealth accumulation/building phase of our life, and we know we need three things from previous research weve been doing, that is paper assets (jobs,401k,Roth IRA, Tax Accounts...), Business (have a few ideas of some businesses), and what brings us to this awesome place, REAL ESTATE. 

It may sound trivial, but going through basic exercises and putting pen to paper can really put all sorts of things into perspective.  

I'm trying to convert some equity to liquidity.How would I set this up and where is there a marketplace for this paper?

Hi Shannon, He was living with his father who is elderly but his name was not on any of the transaction or escrow paper work.Also I spoke with another real estate attorney he mentioned, since this sale was a done by one agent (I had to use the sellers agent ) The realtor has failed to do her Fiduciary Duty in protecting the rights of the sellers' which in this case my wife and I.