As AllCash has already mentioned (you have quite a memory there 8) ), the PMI drops off at 80 LTV (loan to value)---based upon the figures you provided, your current loan to value is 88...There is no benefit to a rate and term refinance at this point, if your intent is to eliminate PMI...There might have been a time when comparing a refi option with LPMI (lender paid PMI) might be feasible, but in the absense of more info (and prevailing market conditions), you might be better off leaving things alone.Regards,Scott Miller

since it's in a trust they do.some sort of document that proves this is a condition that must be filled before the lender will lend.as some have noted, the key to getting a deal like this done is a title company and attorney that have experience structuring these deals.

House is good condition.

I have recently acquired a tool that will help me to quickly find information about properties all over the country including foreclosures and preforeclosures, tax assessment values, last sale date, current owner, condition, comparative analysis, etc.

I have heard of some smaller REO sellers/institutions, accepting assignments with conditions attached (haven't personally seen one).

If the property condition is bad, financing may be more difficult.

This may entail repair costs, market conditions, loan costs, area sales/listings, holding times, after repair value, re-sale costs, etc.

I feel the best way to do that is to see what other developers would do with various types of properties so I will be posting again with different scenarios and asking lot of questions.Also, if you are familiar with the NYC market what would you offer as a price for this if:Poor condition?

RE is not a market with great liquidity or with substitution (1 house is not exactly the same as another compared to 100 shares in a company being the same as 100 shares of the same company).You do need to know your market and you do need to adjust to local conditions as they change.RE prices do not fall all that rapidly.

A little motivation to those that are struggling, that's all.If you can, tell us what area the property is in,original list price,list price at sale,purchase price - negotiation details,seller concessions,days on market,property condition,any inspections,financing,smooth closing or not,agent(s) behavior,market conditions,etc.And if you've already listed or flipped the property, how did that work out for you?