Are you the owner of the building and an agent or are you representing the landlord in a PM leasing capacity?

I always bring at least a few tens of thousands in on the deal, representing 25-50% of the cash investment, along with strong equity dilution in the contract for any defaults, and performance-based payment releases.I think it's the only way to go.

'standard' contract (Revised 7/2013) has a checkbox on page 6 (of 11) under SELLER REPRESENTATIONS that allows for Ownership declaration via a checkbox: "Seller represents that Seller:... does not yet own the Property."

Sean I am not trying to come off as discouraging just as someone who has owned 20 units myself and represented clients with a lot more units over the years I know the work involved.You are searching for a down payment and reserves with other people's money and just bought a house in Feb.Owner finance can be great if the price and terms are right.

If you were represented, someone dropped the ball.

@Derreck Wells ,As an accountant and someone who represents taxpayers before the IRS.

I want to know down to the penny what costs and challenges I am facing.All of this leads to a factual offer that I can make that represents my acceptable risks and workload vs. reward level.

To directly answer your question, a smaller bank will have a bank representative who has responsibility for the loan that is in default.

Good to have c-town represented in BP.

She probably told you she can save you thousands by letting her represent you.