The developer/seller gives you cash at closing and gives you rent that supposedly generates cash flow for 1-2 years.They don't properly account for all the expenses.

Supposedly, the seller and listing agent have been working the SS for a few months...the property was previously under contract with another buyer that backed out due to time constraints.

I base this on the fact that Lehmann has business in the European countries and supposedly (Europe) is gonna be the (comparatively) LEAST impacted continents worldwide when we encounter the Great Depression... - Again, my opinion :-)CheersRam

I suppose a little more annoying false alarm, but a heck of a lot better if it's a real fire!

I suppose you had to dip into savings in your case to get marketing money.

Hi Jennifer,To add to what J Scott said above, there are still many unanswered questions. 1) so the beach house is supposed to close by the end of the month.

We go to building department to pull permits and found out that the house is on the demo list..Supposed to have been demoed last year in March, but the city never got to it.

I suppose I would be looking for a traditional 30-year mortgage.  

There is supposed to be an "Assignment of Mortgage" or something similar recorded with the county recorder upon each sale of a loan.

You can make any offer you want to the realtor, but ultimately you have to convince the bank why they should accept 5k on a 32k loan when other houses supposedly sell for 40-60k in the area.