To add to Scott's posting on FHA underwriters they are certified and also face the risk of having non-performing loans appear on their record.

You can't stop natural disasters, aging, accidents etc, but know what you've got, and treasure it, before it's too late, and every last building that connects you to your past is pulled down in favor of some monstrosity.

Include the phrasing "Earnest money to be provided by certified funds with 48 (or 72) hours of contract acceptance."

What I have been doing with my time, because I am a researcher by nature, is getting a better feel for the landlord as a whole.

Don't worry- I'm not going to name names or provide details-- but here are the numbers:$32K asking price$10K estimated rehab costs$55K ARV (After Repair Value)ASSUMING (and we all know what happens when you assume) that the rehab costs are spot on, and there are no carrying costs (carrying costs: mortage payments, utilities, non-owner occupied property insurance, property taxes, etc) because you rehab and sell it in less than 30 days...AND ASSUMING you sell it yourself and there are no realty commissions because miraculously you found a buyer in 30 days or less who is going to pay FULL ASKING PRICE in cash, and naturally this unicorn doesn't have closing costs, either- oh, and ALSO not using a broker, your AMAZING pre-tax profit would be:$55K sales price - $42K = $13KSince we're assuming things, let's talk about what you can REALLY assume:Assume your rehab costs run $12,000 (don't think an estimate can reasonably be off by 20%?

Now some number of these rents and royalties are not related to real estate (e.g. natural gas/software/invention royalties, tool rentals, etc.) so 11.8M represents the 'top end'.

Regarding an out of state REO, would it be prudent to hire a "certified & reputable" handyman for a repair estimate if one hasn't been done by the bank?

We have these people who are willing to dedicate (and risk) their lives by going behind enemy lines, by going into war zones, by going into areas hit by natural disaster, etc...and the stations they work for don't have enough respect for journalism to report the news in an honest and ethical manner.

Tim,Don't forget to tie it in with the "certified" jewelry appraisal angle ...

Three things to keep in mind:1.It will cost more than you think2.It will take longer than you expect3.It won’t sell for as much as you hopeRehabbers by nature tend to be optimistic.