@Matt SmallKeep in mind quit claim releases your rights to the property, but if the mortgage is in both names, late payments will still affect both parties’ credit score and standing.

Account Closed, I wish more people would read the post before responding based on the headline only...It appears that either party can cancel based on this new turn of events.

Is this a third party inspection?

Ironic, isn't it, that one party can get away with it while another cannot?

That will either be a real cost by a 3rd party or an opportunity cost for your time. 

Yea that last part is key @Alan Bailey .

Great part is she will almost certainly screw up the whole bidding war idea...that works best if you get the wide exposure a broker gives you and if you price it competitively to begin with.

I'm sure there can be benefits to both parties if done properly.Most importantly, my family and I would get to take super cheap vacations!

Generally speaking, liens that are in a senior position to the lien that’s held by the foreclosing party are going to remain attached to the property after it’s purchased at auction – liens that are junior are wiped out. 

The best part is that everyone here is excited to help you learn and grow into real estate investing.