The previous owners owed the state from a grant they were given because they haven't stayed in the house as long as the grant stipulated.

My question is what are the stipulations and things to look out for when applying this method of purchasing houses?

Thank you very much.Property is Being Sold Subject to HUD Guidelines 24 CFR 206.125This property is a Fannie Mae Reverse Mortgage REO.The code above allows an heir to purchase the property at 95% of the listed price.Other stipulations of this type of property include:Property cannot be sold below appraised value (LIST PRICE)No mediationNo electronic signaturesNo repairs, “AS IS AT TIME OF CLOSING”No buyer closing costs paid by seller are allowed on the HUDBuyer pays HOA Doc & Transfer FeeNo utilities are on.

. #2) You are responsible for the EMD if you don't perform in the timeframe stipulated in the contract, so you could lose your EMD.

Your state landlord laws may have stipulation on what you need to do.. but usually 1 check written out to all 3 tenants.. so probably let them know ahead of time you will need a forward address to send it to.. 

My eviction attorney here in Las Vegas, reviews all my leases to ensure that I don't have anything that could 1) be a loophole not in my favor & 2) have stipulations or lack of stipulations that could void the lease.  

My version of the purchase contract is also accompanied with a list of renovation done (or to-be done, by which vendor, stipulating which job comes with warranty, length of warranty, which doesn't - not all of them do).Have you gone over all your questions on the contract with your TK and have them addressed your concern?  

I'm not clear on this one.You don't have to say anything about moving out, simply give notice as stipulated in your lease.

The listing stipulates that this home will not qualify for regular FHA, ( which I dont agree with) so it will need a rehab loan, hence the 203k.

In the special stipulations I mention that the viewing is NOT an inspection....it's just an initial viewing.