That is unless you played some land trust games, then it could be trickier.However, if they have constructively abandoned their right to foreclose, it is my understanding, they could still go after the former seller who breeched the contract.Anyway, the path of least resistance is usually better so if your buyer can refinance, do it and just move on.Also, in the future, include verbiage in your contracts when you buy to allow you to seek recovery from the seller when they do something like this later.

I believe in doing due diligence on the internet, quickly, securing a contract, and then if you want to get in your car and visit the property, or send out an appraiser or inspector, you can.

I have done really high end rehabs, new construction, out of state rehabs, rentals, commercial, you name it.

Just remind the seller that your inspectors will be coming by, and to let them in.

You take over the property without paying off the existing loan, and start making the payments.Since this is a builder property, however, he may have some sort of short term construction financing that you would not want to pick up.80% of MV, especially if the seller is giving you that market value, is no deal these days.

Hard money, or, if you can find them, construction loans seem more applicable.

Also, keep in mind pre-construction sales vs resales.

I typically use a construction loan to update or remodel for the initial purchase.

Is that just a Covering your butt thing that the inspectors do or is it possible that this many homes have termite issues?

Just be sure and define your goals now and then decide how to construct your paperwork as needed.