Now most homeowners policies have a contingent work comp endorsement to cover the homeowner, but not all.

Your offer to purchase will be contingent upon the seller bringing an insurable title to the settlement table.

This is not any legal information but be sure not to have too many contingency clauses, some sellers won't like it as much and may not take you as serious, but other than good luck on your real estate journey :)

When you submit the offer, add a document review contingency that requires the owner to provide you with a Schedule E and whatever else you require within a few days of signing.

I realize the FHA loan takes a 10-15% contingency into account for this purpose, but I am an underwriter by trade and want to approach this as prepared and well funded for disasters as possible.

If you're looking for a reason NOT to do something, you can always find it.If it were me and I'd bid and won a foreclosure sale, I'd anticipate and have a general plan and a few contingency plans if cert wins plribkens arise.The sign that you are learning your craft is that you've gained skills in fixing problems.

I can make this happen as well, but it is undesirable because it subjects me to more debt and thus will limit the amount of contingent liabilities I may be able to take elsewhere in our overall business structure.  

Just think you do not have to deal with agents, contingencies, inspections, no fear of "turn downs", price reduction, mandatory repairs, low appraisals, crazy uninformed underwriters.....you get the picture.I wold rather take less of a profit than play the conventional on the market for sale game.That's only my opinion...........

Keep in mind, our industry's business is (or should be) "professional problem solving," every deal is unique.You need to be ready with contingencies for when the unexpected happens.  

I don't know about Florida, but I can tell you that here, contingencies just mean the contract can be voided and the buyer receive their earnest money back.