Hey Everyone,So we lost all three of the properties that we had under contract thanks to our private lender who failed to fund them.

If there were anything that was requested that significantly changed any terms, you can certainly object.Things are sometimes caught in audits, middle initial missing, co-borrower failed to sign a disclosure, signature not dated.

If the land contract fails and she takes the house back, then I expect that a pro-rata of the loss would be picked back up as income.Any insight would be appreciated from anyone who has encountered this situation.

By far the majority of the problems are caused by people living in houses, not by things just failing.

If they fail to follow through with the Lease then the Option is null and void and getting your property back is as easy as getting any deadbeat tenant evicted.

I did not do a credit check a year ago with my first rental and got lucky with good tenants, but now after reading some of the stories here I'm going to start doing it.With NTN (and I assume some other places), you can set certain criteria like "unpaid medical bills up to $1000 ok" and then they will give you a pass/fail on the applicant.This is appealing to me in the sense that since I don't see the actual credit report I don't have to jump through the FCRA hoops and it makes the decision process black and white regarding the applicant.

The seller is taking the property off the market in most cases and if the buyer fails to buy, the seller has a potential loss.

They typically discount no more than 30% off the previous listed price that the MLS failed to sell the asset at.

.* As Jeffrey pointed out, find out why it's been sitting, find out what offers they've gotten, why did the prior owner fail (mismanagement, paid too much, etc.)

We will have to pay the underlying mortgage (this is a wrap note) if the tenants failed to pay so it isn't a completely free lunch.My question is whether or not this will somehow be considered a "gift" from a taxation standpoint.