If it is true, and the collection agency doesn't lower the price, do you think it would be smart to sign a contract with the buyer helping him obtain the property that way for the remaining $4.5k?

----------------------------------------------------------------------------------------------------------------Source for the above info here.More info from HUD, including how to determine Fair Market Rents in your area (i.e. how much HUD will let you charge) here.How to find your local Public Housing Agency (if you want to apply to be a Section 8 landlord) here.Info from HUD on inspection requirements here.

So far it seems those costs are right in line with market, however we have now secured agency debt with much better rates.

@John Duston No but I also own an insurance Agency and figured I need more write offs to avoid paying so much.

The letter I chose had all the information for the reporting agencies so I believe it qualified as an adverse action letter.Thank you for your help!

It's just that we turned down OTHER Sec 8 applicants as we held the unit open in November, waiting for inspection from his housing agency, that really burns me. 

If not, between the recorder and assessor's offices, two more red flags.2) Buyer's Agent Realtor:  Assuming you used the Realtor mentioned as your Buyer's Agent (formal Buyer Agency Agreement between you and him or her), did they not strongly suggest that you have the property professionally inspected to learn about the need for a new roof? 

She was no longer working and paying rent from her savings and some agency help.Of course, I told her I was sorry to hear of her situation, and let her know I would speak with the owner about it.

Is it possible to purchase a foreclosure property without an agent (via no agency / ministerial acts) in Chicago?

May want to re-read what I posted.I find it hilarious that the ones who want to compare the college to guru thing, tend to be (but not always) are promoters of guru programs, that lots go into the above, where the gurus don't deliver, are never available, don't have actual lenders (I had one, and the phone number of the lender went to an employment agency)!