Most transactional lenders will provide a POF, but most realtors won't accept a POF without it being verified, since anyone can print out a POF off the internet.

You are going to sign a whole bunch of REO addendum saying you acknowledged the bank not knowing anything about the property and any disclosures you might have you bear the responsibility to verify accuracy.I had a FNMA property last year.

Did you do any research to verify this or are you just relying on the owner's information?

if it is really trashed, call your insurance agent and verify if you have a vandalism rider on your policy.

Bill, we're required (even in FL) to get a copy of the deed, to verify ownership, but nothing further.

On the lower end of the rent range you'd be negative.Now I assume that he would have the taxes and insurance escrowed in the payment so the numbers will be better than that.But I just waned to illustrate that you want to run the full battery of expenses to make sure the place will in fact cashflow at an acceptable level for the risk and hassle.Not trying to discorage you at all since it very well could be a very good deal, you just need to verify that it is.

Thanks for everyone's input.I have been able to find a lender here locally that I verified with today there is no seasoning period.

When people say turn key, I always verify if this is truly the case.

Hi Ken, I'd do some verifying of your own on what it will rent for.

Try asking around and see how many of these professionals are prepared to verify that their clients are accredited.