I have never really received a clear explanation.I would assume they are to prevent some fraudulent activity that has been experienced in the past with refi cash outs, but the banks have seasoning issues to protect from that now anyway.

Then today...Property management gets back to me, saying it received an 'OK' from the owner to type the lease agreement before actual move-in date, but they will wait to hand over the keys until at or near the move-in date (I was ok with this all along, had previously told mgt. that I didn't expect to get the keys before move-in date).So I guess I'm in better position than before.

They are receiving a check they should work for it (if they can).

You will share in the profits made off of the condo complex, receiving a percentage of the full sales price of each unit.

Yes there are several "exit clauses" you can use on a contract, but I have always done well ,and have received better deals from sellers who have actually turned down other wholesalers even at a higher price because my reputation was that I closed the deal one way or the other.Good Luck!

I don't know about the "coming back to haunt you" comment, but I do agree investors should consult with a knwoeldgable CPA on this topic.Depreciation recapture can come into play, but there are several factors to consider such as: You are receiving tax savings today and then repaying with tomorrows dollar (and we all know the dollar will be worth less tomorrow than today), if your current marginal tax rate is at 28%, then the recapture tax rate of 25% is slightly less, and if the gain derived from the building is less than the depreciation taken, you may only recapture some and not all of the tax.

No real estate broker,salesperson or finder who may receive a fee or other compensation, with respect to the Pending Sale, is anAffiliate of Borrower.

Instead of holding on to your loan and facing the risk of interest rate change (since bank receives fixed payment from you for 30 yrs in exchange for lump sum) - they will sell this (to someone who wants to submit a lump sum in now exchange for receiving fixed future payments for 30 years, like an insurance company).The bank is an intermediary between buyers and sellers of assets - they make a cut on the spread and transaction costs.

Ask away and you shall receive.

To add more injury to insult they asked me to provide my business and personal bank statements, to ensure that I was financially suitable to be making/receiving the type of money compared to the deposit they had on hold.