It felt (and still feels to this day) like a rare perfect scenario: Distressed homeowner still gets to live in the home she raised her kids in; bank gets out of a difficult situation; I got into the RE business and had instant unrealized gain.

It is perfect for me to sit at here while I am at my job, and make use of my time.

It makes perfect sense in a vacuum.

Unfortunately, the HOA was preparing to go after the sellers and was in the midst of perfecting a lien with the hopes of eventually turning it into a judgment when your husband stepped them in and paid them off.Good Luck!

If you wait for the perfect time when you feel you have sufficient knowledge and expertise you will never do it.

I know that there are people here who have said this isn't legal, but no one has ever been able to provide any evidence that a deed restriction such as this is in violation of any law.Deed restrictions are perfectly legal, and restricting resales through a deed restriction is nothing out of the ordinary, and not just with REO sales (I have a friend who inherited a house when he was younger, and the house came with a deed restriction restricting his ability to sell the house until he was a certain age).I don't know any way around the restriction, and while I don't know for certain what the penalty might be, I would assume they could come after any profits at the very least.

You've handled it perfectly so far, offering $ to get out is exactly what I would have done.

People, like myself love these reality shows where people go looking for their perfect dream home while being led by the friendly local real estate agent on this nearly impossible task.Recently a friend of mine was given the opportunity to be in the background as an extra on "My First Home".

Neighbor's house was sold @ 220k in July but w/ perfect landscape and move-in condition.

So you are not confident enough that it is a deal to put your own money into it, and yet you have promised the seller that you will find a buyer and are perfectly happy to use another buyer as a guinnea pig to see if it is a good deal!?