It had multiple offers the day it was listed (like everywhere) but now the financing of the buyer is falling through. 

#townnamenh either with or without the initials of the state.

Thank you for the research. 

But thanks for the mention @Jay Hinrichs I'd invest in my backyard, outside the city of Seattle.

However, deeds in lieu of foreclosure can be subject to judicial attack by their grantors and their grantors' creditors.Grounds for attacks on deeds in lieu of foreclosure include the following:• That the deed was an equitable mortgage - that the parties intended the deed to be given as security for a debt and that the deed was not an absolute conveyance.• That the deed is either a preferential or fraudulent transaction within the purview of the provisions of the federal Bankruptcy Act or any other related state law.• That the deed is a device to clog a mortgagor's right of redemption.• Unfairness of the consideration.• Coercion, fraud, oppression, duress, and undue influence.• That the deed is not subsequent to the execution of the mortgage but contemporaneous with it.• That the grantor/mortgagor was insolvent at the time of the execution of the deed.An estoppel affidavit (executed and acknowledged by the grantor/mortgagor, attesting to the fairness of the transaction, the consideration exchanged, the value of the property, and other factors showing an intention to make a genuine transfer) or a recital (inserted directly in the deed) are supporting documents used to forestall challenges to these transactions.State law and local title standards must be consulted in regard to the consideration and treatment of deeds in lieu of foreclosure.What a GREAT post!   

Welcome to the real estate investment game!

@Shawn Ackerman  You're preaching to the choir. 

.$300K is the new $200K. 

The deal has to make sense and you really need to know the comps to make sure your investment is going to actually make money.

(You said you plan to buy it for the amount of the loan, not the value of the property.).