I guess you could get lucky and have the bank not come after you for the deficiency, but they certainly could.

It would allow me to decide if I can improve my offer in the deficient area and possibly submit a new offer. 

The bank was very eager to foreclose on my house, and seek a deficiency judgement in spite of the fact that I had been paying PMI (Spare me the "PMI isn't for you" speech. 

And depending on the state the banks will sue you for deficiencies.. don't need Personal guarantees its allow under the mortgage or deed of trust terms.. 

The repair of these deficiencies could be costly and it isrecommended that the buyer get an appraisal from a certified mason before the end of his offer topurchase condition."

In these instances attorneys search such records and contact the interested parties in the properties to represent them in filing a lawsuit for a deficient foreclosure.

If re-inspection turned up a deficiency, then cash flow suffered until the remedy was approved. 

California has non-recourse home loans by statute as to seeking deficiencies against a borrower.

Was wondering if there were any other firms I should look at.Thanks,Marc My view is with the cap rates and interest rates being so close to each other, traditional residential syndicators that relied on either rehabbing units and/or fixing management deficiencies are not going to produce adequate return to justify the risk. 

Purchase Money mortgages there is no deficiency judgement allowed by law.