I recently heard a contractor say that you should never have laminate at your entry ways because inspectors will point it out as a deficiency to buyers.

I want to request that deficiencies be waived in my contract to purchase.

Deficiency or non-deficiency.

Sellers tax liability could be less selling at a discount.If you have a default you will have any deficiency judgement, if allowed, limited to your purchase price not the upb.

Less than 35 non accredited investors, no general solicitation or advertising, etc.The other 15 states are a hodgepodge of various laws or lack thereof.One thing almost no one understands that if you are sued by an investor because the investor lost money ( not talking about property foreclosure or liability for deficiency, but about being sued because you did not properly explain risks to investors etc), and you comply with SEC Reg D, you have an affirmative statutory defense against those allegations.

You could make repairs at your risk, but you can't covey with a general warranty deed as the notice to redeem the property places a cloud on title.In some states, even after you take possession of collateral and sell the collateral, additional amounts over your costs may again go back to the borrower and they can sue you for it.A security agreement is not the keys to the house, it represents a way for you to get the amount of money you are entitled to and excess equity is due the owner (borrower).If the property after foreclosure sale sells for less than the bid amount, the lender may seek a deficiency judgment to collect amounts remaining due, if it was a cash loan, if the loan proceeds were made as an amount of equity based on a particular sale price, it is an installment sale and receiving the property back terminates the sale.

If you sign for personal recourse this means that you could get deficiency judgments and a whole lot of personal liability for something you have NO CONTROL OVER unless you hedge the risk properly by financing the product the right way to begin with.I am always in favor of paying more for financing and getting fixed product.

We are WOEFULLY deficient in the amount of square footage needed in this country. 

If the bank thinks they can come after your friend for the shortage, they may be more interested in going to foreclosure and seeking a deficiency judgment.But, let me get this right.

Fire him at the first sign he has shortcomings or deficiencies and you could just end up going thru the same, or worse, with the next one.IMO, we do more harm than good when we dont require from posters seeking advice, ALL the info needed to sort out what are all unique situations that involve real people.This wasnt directed directly at you, Bill!