@Erik Gray, below is my loose analysis of the Co Springs market that I posted in another thread a few days ago.

This statement leaves some gray area but to me I would think at the time an offer is made would be the last point.Again, you will want to check with folks that need more then I do.

I know this is a very gray area, but advice from those with experience would help me immensely in my journey.

I loaded up 40 square of gray double lap , and 22 square of white vinyl siding , j channel ,corners ,every last box in the pile  ...............................For free .      

I am not, myself, sure about gray with it.

Multifamily, just like every other asset class, still follow the rule of "location, location, location" because that's the ONE thing you can't change about a property.Before I move on to the building class you should also recognize that classes are like grades, it's a sliding scale so between 2 classes there is gray area: ...B- -> B -> B+ -> C- -> C+...Now for the budding classification, brokers use a rule of thumb based on age because it helps average out the properties.

Of course there is gray area around that, and of course, banks will always "own" property because they foreclose.  

The drapes aren't technically affixed to the wall so could be a gray area.

Andrew Coffey The gray area varies from state-to-state.

Tim Youse Yes, but as Wayne says, the pre-approvals are bogus...lots of gray areas for things to fall apart.