People get into trouble when they believe the promises being made and buy a property sight unseen.

Me walking into a bank hoping to get a mortgage loan with ZERO income doesn't sound too promising even with money in the bank and excellent credit.

Listing agent promised to give me first shot when it's relisted.Six months gone by and one day I noticed the property's back on market for a week.

It sounds like maybe you can afford this house, you just don't want to pay back the money that you borrowed and promised to repay.Just because the house went down in value and now you have negative equity, does not mean it is B of A's fault.

My Realtor also got her signature on a "Contract to enter into a lease of Real Property" form which reads: "DEFAULT: If tenant fails to perform any of the promises on this Contract, the deposit paid or agreed to be paid by Tenant may be retained by or for the account of Landlord as agreed upon as liquidated damages, consideration for the execution of the Contracts, and in ful settlement of any claims, and Tenant shall be relieved of all obligations under this Contract."

This year it is fake.

It's a promising location, and fair deal.Is there anyway to have at least Some kind of escape in case I need to so I don't risk losing the 40k by signing the deal?

I promise you a serious run for your money, heheheh!

In your scenario that kind of thing works.In a general sense many sellers use inflating the sales price,putting all these conditions in to get the bonus etc. that for the most part are not going to be obtainable.That's the part that waters down the bonuses offered by builders or regular sellers and experienced brokers and agents know this when they see those offers.If a sellers or builder is going to offer a bonus they need to stick to their promise or they lose all credibility.Not so important for a one off seller but highly important for an investor that sells multiple time or a builder that has inventory they need to keep selling.Burned brokers and agents will spread the work quick about builders or investor with bad business practices.

You need to figure out how likely it really will happen.The seller told you - 10%Some guy at the city told you - 50%An official from the city promised - 80%