Do I need to wait for this to happen before I can sign a contract? 

It feels like I JUST got the contract signed last week!

If I sign a contract, I have the intention of following through with the seller and only bailing out as a last resort.

They have offered to transfer the water bill to their name for the rest of their tenancy and are willing to sign a liability waiver. 

@Alden Zuck did you ever sign up for the program? 

Any advice on selecting a Realtor when you have multiple friends that are Realtors?  

The catch is, I just signed a 12 month lease in the Milwaukee area because I was relocated for my job.

Also the current owner may want you to sign a hold harmless clause and possibly have insurance in place just in case someone would get hurt while you are showing the property

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At the same time, we all know that housing is very local , so it's quite possible that some local markets (not even cities but specific zip codes etc.) may show signs of some correction.