(Thanks to the $1350 45 audio CDs and 3 workbooks of the Ron LeGrand Cashflow System) At that time I had been a cars sales person for all of two years and my primary obstacle was my presentation; at the age of twenty I looked sixteen, and I was still deficient of many soft skills needed to put the middle age homeowners that responded to my marketing at ease.In 2006 I moved to San Antonio, Texas where my I currently reside with my wife and two small children. 

We can keep this out of the recent SAFE Act/Dodd-Frank as a commercial transaction by matching the agreement to the under lying mortgage when the existing loan may have been made as an owner occupied loan, (use of funds should be required) comingling the use of funds may become an issue.The additional equity mat be agreed separately, as another principal part under the same agreement or as a second.Here is some reading on the DIL and use of the QCD. http://www.atgf.com/tools-publications/pubs/deeds-lieu-foreclosure-advantages-disadvantages-and-draftingI agree to that the DIL should be or might be done at settlement simply as a disclosure that the lender would accept a DIL, I'm sure it could be dressed up explaining the benefits to a borrower as that there would be no additional costs and deficiency sought.

Since I try to negotiate the lowest price possible, I have the lender agree to a deficiency judgement waiver against the homeowner.

You're still stuck owning that $176K.Even if you sell right now, you're going to have pay that $176K (roughly, actually maybe more after all the closing costs on a sale), take a deficiency judgment for that amount, take a 1099 for the phantom income on that amount (i.e., pay taxes on $176K of income you didn't actually get), declare bankruptcy of some combination.

Your Realtor fears the worst and seems to be looking out for a commission, that was bad advice.A deficiency is not a deal killer (it can be and your lender is protecting themselves as well as you, may not see that, but they do), you can repair small issues prior to settlement.

With the first you feel like you're getting something extra, something special, with the other you feel like there is a deficiency.

@Jeff Brower  so they nik you for an inspection fee.and what cost estimate.. are you talking about their estimate to fix any deficiencies they may find.I ran into this in Crete Il.. city inspector pointing out all this little basic honeydo things..

Bad thing about high BPOs is that the asset manager may know good a well the opinion is off, but they can use it to negotiate with, at that point, you're pointing out the deficiencies and mistakes used in the appraisal process to beat them down and, that may just tick them off as they might figure the next buyer won't be as sharp.

If the homeowners can afford the property and do have money in the bank, how are you protecting them against a deficiency judgement and are they still willing to sell their house knowing that a deficiency may be filed?

If she does a short sale and the bank agrees to waive any deficiency, she might not need to go through bankruptcy.