If the estate is solvent then a short sale is likely a better option if deficiency judgments are potentially applicable to this transaction.

This is a venting post, so please bear with me.I just spent 60 days in underwriting with Mutual of Omaha, Chesterfield MO only to be told today that my credit request was denied for "unable to verify income" and "cash out refi with less than 6 months ownership".Now, this wouldn't surprise me at all if I was self employed or I hadn't told the broker on day one that I just bought the property and asked if there were any seasoning requirements...to which he replied "no".After financing investment properties for over 14 years, I've yet to come across a lending team that actually had their ducks in a row and really knew how to process an investor's file.Delayed financing on investment properties with borrowers who are seasoned, cash flowing, solvent and top shelf should not be rocket science....yet it always seems to be the most difficult thing these lenders have ever come across.  

@Adam Tahir most investors are looking away from IL as the state is financially in solvent and frankly the population is decreasing.

You could also theoretically put in heavier solvent-welded PVC or ABS drainage.

It’s solvent based and can be painted over with latex paint after drying.

We dont ever want to be in the position where any one project needs to go exactly as planned to remain solvent.  

So even if you are buying with cash, check with a good lender to see if they will lend on it so that if someone ever wants to buy it from you that you aren't only limiting yourself to only cash buyers.  3rd a condo's association should be reviewed for financial stability to ensure they are solvent.  

Since yours is a basement on concrete, you may be able to use some kind of solvent

The choice was unanimous.The applicant not only had glowing personal references (a must, of course) they had:• Credit scores over 800• Guaranteed income from a solvent state pension• Significant savings in their personal accountsThe "tipping point" seemed to be the guaranteed income.

If the result of the debt forgiveness results in the borrower now being solvent by about $5,000, taxes are due on the $5,000 only, not the $40,000 of debt forgiveness.Virtually all homeowners in a short sale will satisfy the insolvent before and after rule.