2) When people talk about putting a house under contract, does this mean they've put an offer in with contingency, or is this some form of creative financing?

This deal has more hair on it than just QCD:original owners were foreclosed upon by Fanny Mae;then the property was transferred or sold by Fanny to this bank;the bank has been sitting on it for 4 years and finally decides to sell, butin addition to QCD they want cash only (not even hard money);10% earnest money deposit - I have no problem with it if I can get it back in case the deal does not work out - but they allow forno option period and no contingencies of any kind!

Hi everyone, some of whom I already know :)  I'm of the philosophy that it's possible to buy turnkey from a distance and never see the property...but you HAVE to have those appraisal and inspection contingency inspections in your contract with the provider.  

Here is the property I am purchasing in Santa Fe, New Mexico:https://www.biggerpockets.com/calculators/shared/5...The asking price was 340k contingent on inspection. 

The existing owner will have no obligations whatsoever after COE.Your offer should have the Contingency of Assignment of Rents and Deposits. 

Part of my plan is when I offer, I'm building in a site plan contingency.  

Writing that as an offer contingency would certainly be unique.

I am unsure of how long that usually takes I would say 4 to 6 weeks at max (but hopefully 4 weeks.. 30 days)  depending on how busy the firm is.. and make the offer contingent on clearing that reportAlso what is a customary emd for listed land.. a certain % of the contract price or a customary flat number  (like.. 10k).Thnx

They may say that you need to make an offer first before they give that info, but you can just make a contingency in your offer that states you can change your offer depending on what you find out from the operating expense reports and estoppel agreements.Again, I haven't actually done this yet, but that's what I've read.Hope that helps.

(today is our last day for inspection contingency)