My guess is that at best, you've got a valid exchange going but you're going to pay through the nose to have the process done and documented correctly so you can rely on it.  

Originally posted by Akaara:I would rather pay higher property taxes and higher mortgage than pay the federal government.Think about it, you are saying you would rather cut your nose to spite the government.

A wonderful example of that is look at how many vacant lots in fractured sub-divisions are by your property.

With immigration driving our population up there is so much opportunity right under your nose.

It was right under my nose :)

As @Jon Holdman stated, the worst thing you can do is request a letter from the bank...you'll never get such a letter and you're cutting off your nose to spite your face when utilizing this purchase method.  

I don’t want to spend fifty bucks a month for bogus info.I would like to find an efficient way to search for distressed investment property.Scanning the legal notices for upcoming auctions gives me a nose bleed.I live in Colorado if that helps.

Like Mike said, it the frustration from a lost deal, could distract you from another one that could be right under your nose.

None of these specialties really relates to RE investing per se.What you do have are people skills and perhaps a nose for scammers, cheats, fraudulent low life types, that are in RE.

put my nose to the grindstone read, learn and save.