But I hope the owner bank knows that a 203k loan is only for owner occupied.3) We did not state if we were a licensed real estate agent or not.4) We did not state Buyer to pay $50 per diem.5) We did not state proof of funds for purchase, however on the approval for 203k loan it states that assets have been verified.6) We did not state that we have visited the property7) We did not send a cover letter either.Have we severely hampered our chances of purchasing this property?

Have nothing against them, but if the job of the inspector is to verify that the work was done correctly, then what does it matter if the homeowner does it correctly with permits and inspections.Inspectors and contractors working together.

You are actually buying it and getting the deed to the property (if they take your offer) I have had one with nearly identical numbers accepted before.Anyway, you'll get a deed and sign a prom note and mortgage at the closing (or a deed of trust/trust deed if you are in one of those strange states. :))Closing company/attorney can help you with the paperwork.

On the right box labeled "Enter keyword or ID", enter "safe mortgage".

Lets take your example of car sales.If a couple buys a car, then gets a divorce and only one wishes to sell the car can not be sold without both signatures because they both own it.In RE more than one person can own a piece of land (or house) and they can sell their share of that property but can not warranty (or guarante) that the have full rights to sell the property "free and clear" of any other rights since another person also owns rights to the property.This is done by a quit claim deed in RE but in cars the buyer would also have to convince the other person to sell and then verify that there is no other person who also has been given an "interest" in the car (such as the lender) so they can get the title to the car.

I suspect the seller gave you the $135K story and that you did nothing to verify that figure.

Just you verifying the debt could trigger an instant judgment against you.

Have you verified with the Oregon Real Estate Agency if you need to take prerequisite broker courses certified by this agency?

If I were to send in a financial worksheet into a lender, how are they going to verify its accuracy?

You have to verify everything independently.I think the best option would be to get the owner to agree to a short sale and ask the bank to approve.