Lynn M.That was not what I was sure about.I was not sure if the extensive termite damages constitute a "major" defect, where I could back out of the deal and ask for a refund of the EMD.

If you do not pay off within the 6 months, we keep that 3% as an extension fee for another 6 months.

not surprised. the govt can't live high off the hog forever. programs (& employees) are being axed left & right due to their fiscal irresponsibility. you're in detroit area which has gotten hammered even more so the less in housing values, the less in property taxes to fund these things.if the govt was in the private sector, they'd be bankrupt in days.

Maybe with partners or finding private money.

How extensive is the Mold condition?

I'm hoping to connect with some local people here that do private money lending and house flipping.

The repairs look to me to be extensive but I can't put a price on it.

Posted by Corey Curwick of Private Money Utah on September 25, 2012

Reality is far from the guru speak.As an example, buying a note originated prior to the land mines being tossed out, would be fine, understanding the process which is not difficult but it is the valuation and collateral assessment that needs to be studied and understand that you may not be able to modify that old note, as a new modification or extension of debt can be seen as making a new loan or lending arrangement.

Because its a private seller it would be simpler for you to write a purchase agreement between you and the seller.