It would be worth spending $500 to have an engineer walk it and give you a letter noting that it is safe.

Their rent covers all expenses (including HELOC repayment... principle and interest) and we walk home with some cash.Lessons learned?

@Zach I really do appreciate you walking me through everything bud.

@Theresa HarrisSo what if I walk?

Tell them you will walk through the apartment and pay them cash once everything is out and they sign a lease termination. 

Also it was spelled out that the seller walked away with $2500 after all fees. 

I just wanna cut my losses not ($2,233 already paid for flood insurance, surveys, and elevation certificate) and walk away from the loan. 

If not, walk away from the lease and the landlord is legally required to try and re-rent the place.

So if you sell @ $400k you will walk away with about $340,000-$350,000. 

Pre-foreclosure technically only means that they are behind on the mortgage enough that a Lis Pendens has been filed.Most people (like 95% of people in forbearance) are not underwater, so it's most likely not a short sale -- they probably have enough equity to sell and walk away with a check instead of writing one.