If it sells for less you may have a judgment for the deficiency, if it's more, you may very well owe the seller the additional equity.

A trained eye, such as an attorney, would probably tell you that many of your cases would have severe deficiencies in them.As an attorney who regularly handles these kinds of cases for local real estate firms, I see this all the time.

Shawn, I thought the change from 5 years to 1 year was just for the initiation of Deficiency Judgement action after a foreclosure sale, Not for the filing of the foreclosure after default, or is that what you meant?

And I 2nd Bill's highlighting of such, so as great you feel they are, there is some deficiency there.

Therefore, if one inspector cites a deficiency that another didn’t list on the prior inspection, it’s back to the drawing board with another scheduled inspection.

If one bedrooms are are$475 a month then the numbers tell me they are mostly smaller units.I would expect to find an antiquated set-up that locals arenot attracted to with dated if not deficient plumbing and Mechanicals.

Also, you may not seek any deficiency judgment as the lender accepts the property as full payment of amounts owing, it is a deed in lieu of foreclosure.A bit more as to Special Warranty Deeds, they may limit warranty for a period of time, but other matters may also be excluded, buying Subject-To, the SWD will except out the existing underlying mortgage lien.

Gary, I'm not sure what you mean about how to structure the deal as the property usually has deficiencies or issues when most rehabbers get them, but not always, the property condition really effects the how or what kind of deal you need to do.Contract for deeds are common where allowed and the property condition is not an issue except in making sure the property will qualify for future financing requirements.

LOL, well, I am technologically deficient, just saw an ipad watch thing, Dick Tracy didn't have it so good.

If you are re-listing, are you remedying any deficiencies that would keep them qualifying for conventional?