I did get my EMD back on the only HUD deal I backed out on and that was because the house was broken into and vandalized after the contract was signed.

Why try to fix something that is not broken?

For most people its going to be anything that needs repair (is broken or damaged) or updating.

Owning free and clear sounds good but is a poor, if not broken, financial tool.The object is to get cash flow . . . not to own a big pile of gold that you cannot "use".My advice is to search hard and long for a 40-year mortgage, variable rate, with a less-than 3-percent cap on the LIBOR and a lifetime maximum cap of 12-percent or less.

Came home to find a huge mess of broken glass everywhere.

Do you have the expenses broken out individually?

It is not uncommon for those loans to have broken chains of assignment making finishing foreclosure pretty difficult.

The property is in pretty bad shape, broken windows, doors, stolen AC, copper pipes etc.

For example you can not finance properties with health and safety issues for example no heat source, no flooring, broken windows, no stair railing, no smoke or CO2 detectors, pool with green water or empty, bars on windows that do not have safety latches and other things.Q.

Having worked as both a property manager and in the asset management for companies that owned some of these, I can tell you that the owners of the apartment side always wish they owned 100% of the units and were not in the "broken condo" scenario.