The only time anything is sent in writing regarding a prospect's non-selection is when they've done an application, authorized background and credit screening and failed the standard. 

We built a ground up state of the art facility and covered the equity requirement through the sale of Low Income Housing Tax Credits the project was awarded by the Colorado Housing and Finance Authority (CHAFA) and sold the credits at a discount to a major national bank.We understood from the start that operating the facility required an entirely different skill set that those needed to plan and build it.

@Daryl Luc has the right way to do it, because only authorized law enforcement agents have access to it. 

If the regulatory authority declare the seller to be your client, then by attempting to purchase at a low price you are violating fiduciary responsibility.

We'd want to run the books, ie: have full authority to manage/operate the asset once it's been 'converted' into its full income earning potential.But, alas, this project you're suggesting is not me/us. 

What exactly does the author mean?

Burglary, criminal damaging to tenant owned property...it's the tenant who is to deal with the authorities. 

The answers above are solid answers, given the authors' propensity to take risk.

The bankruptcy court then has absolute authority to determine whether or not you can foreclose, as well as everything else related to your note.

And... if you want a better chance at success, make sure you're speaking to someone with the authority to negotiate.