I'll try to help you, as I do short sales and this broker should be hung by his balls if he tries this.

The lender will count the option as the tenant is not going to exercise and the property will go dark.

Expect to pay $10-20K to get the ball rolling.

Furthermore, the bank could have looked at it as a low-ball offer.Joe Gore

I was thinking that as well.I guess one could try to figure out why they aren't currently qualified and see if those issues could reasonably be overcome during the option period.That is a bit of crystal ball work though.

& in terms of doing it for no $ down...it CAN be done and gets done all th time (though not always easy). i did it for $2k out of pocket and that's including all the refi costs.just keep throwing in low ball offers. maybe one will bite. a friend of mine just got one for $38k purchase price.

The bank had it on the market for 2 months at an inflated price so after a couple of price cuts I hit them with a low ball offer which was even lower than what I was willing to bid at auction and they accepted it.

It's great that you already have the ball rolling.

Unless the lender has exercised their right of assignment {i.e. you missed payments}, the PM has no reason to be involved.

We also assured the Vendor if the new purchaser dropped the ball, we are prepared to close our original transaction.