Let him know that you are prepared to report his actions and sue for damages.

Be prepared to close on the deal and hold if the market turns.I want to encourage you to be a RE investor.

Niche in that it takes special knowledge that most RE investors have not developed.

If you want to go check it out just call and they'll schedule you for a walk through - show you the pricing and selection, but be prepared for a hefty sales pitch.

In any case be prepared to show them how you came up with the offer at some level.

In your offer put in all the details for the terms of the note.Interest rate, payments, term, payment holiday, other special conditions.Once you have agreement with the other side then you can go to escrow and have someone there create the note.

I'd prefer to do some of the legwork preparing the filings myself instead of paying some lawyer to do it, but that's an entirely different subject.Thanks again...

I have a contact with a local broker who specializes in dealing with REO in the local market.

It is important to discuss the issue with your accountant, who should be familiar with real estate, to prepare for and determine the outcome.

Any special skills that might be of interest?