Bigger pockets Community, My first deal just went down the tubes b/c my parents who where my cosigners have "too much debt" (they're investors) according to wells fargo. I was also reduced hours and am now a part tim...

Priscilla Z What does your purchase agreement with HUD say?

Just waiting for the bank also sign and have a fully executed contract.Good news is that the bank will evict the person living in the house (That's a relief) since the tenant is not cooperative and they don't allow the county to do the certificate of occupancy (which is needed in my county for every foreclosure sale)PS ( 3rd lesson learned: Deals are like taxis, when one passes, the next one will come...i read that somewhere in BP and in this week I found another potential short sale I am planning to pursue also)Two questions:-Assuming the Certificate of Use comes saying the property needs to fix X Y and Z before is a livable property, How can I leverage this lo lower down my offer again?

"I'm interested in X, and in order to do my due diligence I need to know Y and Z."

You will always have more income for X or Y or Z with tenants, because you want to offer more and keep them there.

One year property A needed $X amount in repairs then a new tenant moved in and needs X+R+U+C+R+A+Z+YThe next property I pick up with have the plumbing inspected to a T and Replaced of the hint of damage.

This can speak volumes and most likely the reason for the "push" of long term care insurance mentioned in Lynn Z's response.

If you have no interest in these sort of things, then it may bore you to tears, although there are other boards with different functions than just P&Z.

This avoids duplication of closing and financing related costs, creating a win-win situation.Thanks,Z

Thanks, Z