I was waiting for my realtor by the way not really happy with him, keeps bragging how he wins i multiple offer situations.

So in the event we do win we are supposed to have a 7 day period to get out if it looks too costly.

I can't emphasize enough Jeff's point about an attorney familiar with private lending.

It's funny that you mention the "play doctor" thing because that is what I really want to do (find solutions for people and create win-wins).

Donte the bids I win are houses that have been on the market for 80 days.

I only ran into that one in I don't know 300 plus homes I bought at auction.. but it stung no doubt for you to be 1 for 1 is pretty darn rare.and that could be the reason you were the only bidder maybe like me the others knew it had deferral and let you win the bid. 

Any way you slice it, you win: if forced to buy the place, you have a cheap place with equity that you can rent for a profit in a year (maybe sooner if the board is this sloppy); if the deal falls through, you get to move to Brooklyn and explore opportunities there.Good luck with it!

If it is a super competitive situation...the unrepresented buyer just has no clue what to do to compete, so someone with an agent always wins.

When necessary insurance can be a win.

Celebrate these small wins though.