I'm looking into attending some REI meetings this week.

I'm getting ready to close on a seven family property in a few weeks, the inspection went well but the appraisal came in lower than I expected.

(I will be back and forth between Arizona and Cali (i.e. leave here again prior to next May 1st, before it seriously "heats- up" for six months, until November!)

If the property was a foreclosure or REO then when they accept a contract they consider it ratified, but technically the agent has to wait on the final initials for sometimes as long as two weeks.

The agent.A short sale is pretty much this in a nutshell1) Buyer is in trouble and sends hardship to bank2) Agent does analysis and comes up with price (Which is of course lower than what is owed to bank)3) Bank says, go ahead and put it on the market4) Somebody looks at house and puts in offer5) Seller accepts any offer that comes in because they want out (regardless of how much the bank loses)6) Bank takes weeks/months to pay for their own evaluation, look at how long on the market, run an internal appraisal, look and do a cost benefit analysis on the loan and property7) Bank accepts/counters or denys the offer (provided they decide to do anything at all and not just foreclose on the original borrower and take the house themselves)I have it happen monthly....

Should I wait to have these items done before signing the contract (could take weeks) to give time for home inspector to inspect the property (and risk another buyer over bidding me), or just sign the contract and have the home inspector come when everything is done?  

All that being said, I was in Colorado at a festival a few weeks back. 

So, I come up with 25% for six months or 50% annualized.     

It is common that when we purchase a property that is in a community that has a HOA that I am responsible for up to six months in the rears of HOA fees.

I bought one similar, it was listed at 45k put in an offer at 25K ended at 30K bought it and had it rented in a week.