If the unicorn does reveal itself, will you be able to compete? 

It does not reflect or reveal the cash you will get from it in the bank.

My guess is neither will amount to anything unless the audit reveals something but I bet it gets his attention-Try to get the Bank to play ball with you. 

Asking price was $150k and we wrote the offer for $145k using the proof of funds letter supplied to me by the lender with two contingencies: firstly, that the financing got final approval following the lender's appraisal and secondly, that the inspection did not reveal anything above my rehab estimate that would blow the budget.  

The mumbling tenant's unit has water damage revealed by the bubble in the sheet rock in the ceiling.  

Our houses that we work on are not restoration projects, but more of a bringing the original flavor back to life with some updated points.For an example, last year we worked on an amazing home with a smaller footprint (720 sq ft) but had three stories.The Craftsmanship of the word work was outstanding; just a little rough at places and 90% of it was painted.If this was our own home, we might have stripped the paint, revealed the oak, and refinished all the woodwork, making it drop dead gorgeous (We love natural wood).

A title check during the escrow period should reveal any liens.  

Bernstein’s office teamed up with the Getty to survey almost 900,000 addresses, The effort revealed 50,000 pieces of astounding architecture and many hidden histories.

If after expiration of ten (10) Business Days after Date of Acceptance written agreement has not been reached by the Parties with respect to resolution of all inspection issues, either Party may terminate this Contract by serving Notice to the other Party, whereupon this Contract shall be immediately deemed terminated. c) Notwithstanding anything to the contrary set forth above in this paragraph, in the event the inspection reveals that the condition of the Real Estate is unacceptable to Buyer and Buyer serves Notice to Seller within five (5) Business Days after Date of Acceptance, this Contract shall be null and void.

They reveal this because the winner has to pay total 2.2% in fees....so if they want $200k and bidders are only willing to go to $150k, then the property may “sell” for the opening $100 bid, instead of the bank having to bid up to $150,100, and pay fees based on that.