I'm betting the original deliquent fees are closer to 2-3k.

The banker ran our credit, looked over our personal financials and said as soon as we had a PA he would get the ball rolling for a quick approval. 90% LTC, 80%LTV at about 7%.So we wrote an offer for $280, which was countered at $295, which we accepted with a 60 day inspection period and sole right to terminate.

I find a lot of properties that need rehabbing and I have been to enough inspections, and have friends who are general contractors to get a pretty good estimate of repair costs as well.

If you do the traditional retail buyer price of making an offer on one property, waiting for a response, negotiating, inspecting, etc., you'll be lucky to buy one house a year from banks.I don't think banks will do anything tricky, like options.

Verify that the property manager screened the tenants properly (if you care), and inspect the units/talk to the tenants yourself.

In my area any decent investment property is selling for $500K or more (many of the good ones are closer to a mil) so its been difficult to find $150K - $200k for a down payment...

The info on what to eliminate from the rental prior to inspection saved me far more than the cost of the book.

.:) I then, attach an addendum explaining the details of the transaction & any "weasel clauses" as well as the inspection period that I may need.

Just make sure you have an inspection clause, and get your buyers there in that time frame.

As a general rule (when eating), the closer to the earth, the better for you.