What was sold at the auction was the mortgage lien.

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@Cristian Estremera the initial difference is the financing options.1-4 family are eligible for FNMA, FHA and VA mortgages.5+ units require commercial/DSR loans.As number of units increase over 5, management changes.

If the goal is to "just get it done," and there are residential realtors involved that think closing in 21 days matters (in the SFR world, it does), then this honestly may be the best route.A true commercial loan will have an interest rate on-par with a 30YF primary residence SFR rate, but rather than being a 30YF, it'll be fixed for 5-7 years, and then you have to pay the mortgage off entirely, most commonly by refinancing. 30 year amortization may still be in play.

One thing we have noted as troublesome for some potential househackers with this conventional program is that in order to use rental income from the other units towards qualifying you need to have some current housing expense verified (rent, a mortgage, etc.) 

@Joe Ko I'm sending you a private message. 

Banks are less open to it but talking with the right ones (especially the right mortgage broker) might do the job. 

Do you pay more for a used car from a private party or at a car lot?

I don't know-but like I said something felt off here, if the intent here was to pass it off to his buyers..Plus,Im unsure that hell even market it properly on the company social media platform unless he has no choice.. if hell first privately contact all his buyers first...There weren't any agents around to chat with-the few that there are work remotely. 

FHA mortgages How did you add value to the deal?