It is an equity loan rather than a cash loan and there is no deficiency judgment after any foreclosure, which is about the only difference than a cash loan.

Going back through my records, BofA's approval letter clearly states the language they will "waive their right to pursue collection of any deficiency after the sale..."

You could get stuck making payments and/or be in the same position as the lender and taking that risk for about a 5K profit.They can't really stay there to make it a deal worth messing with.As to a way of doing something, they could agree to the higher payment to make up the deficiency, you could buy it subject-to making the payment difference buying into the property.

The judgment could be either to recover a deficiency or to go after the owner on a personal guarantee - both of those would have involved some other loan.

So when they do that that will leave 350k in deficiency and since this is a west coast JUDICAL foreclosure then the deficancy will be 350k.

Yes, they need to sign that, but you shouldn't be noting any deficiencies on that form at that time.

If they are able to get the deficiency waived then all most sellers care about is getting the deal closed not how much it sells for.Network with as many agents as you can and tell them if they bring you a hot deal they can have both sides.

The dumb answer would be to include everything included when a written lease it in play, but I'm open to hear from others who have run into this situation and advice they can give.Re: Tenants (according to seller) are deficient on rent.

You might find a contractor to do the work after you have a buyer and have the roof done and paint the house after contract and before settlement, you can pay the contractor from settlement.If the seller won't go there, you may take your option and buy Sub-To, then contract with your buyer, contract for the work to be done, upon completion go to settlement and again pay the contractor.A buyer obtaining a mortgage: The appraiser will note the deficiencies to be repaired, work can be done and the appraiser will do a final inspection so you'd work that into the Sub-To mentioned.Lastly, a buyer can agree to buy and pay for repairs needed for the lender, still accomplished as mentioned, paid upon completion of work or through settlement.

I think a cash flow+ property in Charleston is a good bet in this current market unless there's some glaring deficiency in the property.I might have an interested party if you're not going for it....