You stated in your answer to go through REO's with the realtors and practice assessing the damages to get better handles as to what the rehabbing cost will be.

Recently the listing agent said it was approved in the online system, although we are still waiting on the approval letter.We have an inspection coming up once the letter comes in.If we find major damage ($5,000+), we may want to reduce our offer to allow for the cost of the repairs.Question: If we void our initial contract, are we going to have go through another 3-4 month process, or is it possible to make a simple call to the bank to see if they will accept a revised offer?

Alright so I have been building my list of buyers for awhile and the other day while driving through my neighborhood I spot a fire damaged home with a for sale by owner sign in the yard.

I owned my first car at 17 but in later years damaged my credit and developed a block about purchasing autos.I used to ride the bus everywhere I went.

Of course, the tenant would have to prove they were damaged by your failure to tell them of this death.

Wood floors can be easily gouged and damaged by irresponsible tenants, quickly negating a lot of hard work.

(minor, fire damaged, major overhauls) - LTV?

Don't build out too many though because it damages the culture.I could go on...

Plumbing - Must be functional with no damage or leaks.Hot water - Must be functional.Electrical - All receptacles must function normally, GFCI receptacles required in kitchen and baths, no exposed wiring.HVAC - AC is not required, but if ductwork is present, then AC must be functional.

My realtor ended up with the listing, and it the property sustained a fair amount of damage in the flood, so its was a good thing that I passed.I would love to pick your brain on your experiences in our local market.