Your home will remain a liability even when you own it free and clear.

(I was surprised to see that they are not asking for anything at the time of the offer itself.)On both of my offers I put down 1% in escrow as an EMD, with the remaining due at the end of escrow.3.

Outside of light bulb changing that are easily in reach and he tenant is capable, I would have addressed the remaining issues.

I think I read (on a different article on BP) that you have to live in the property for a year to satisfy the FHA requirement, does that apply or am I confusing it with something else?

Figure as a rule about 10-15 business days for a first-time loan and 5-7 days for a repeat loan should you remain in good standing. 

@Matthew Thorp - With the exception of the loan in foreclosure (where actual balance is either posted in the notice, or doesn't matter because the purchase will satisfy it), the only solid answer is to get current statements from the borrower.

Then they get x% split of any remaining cash.

The title company will pay off the mortgage and the remaining $20K goes to the seller.

I believe the status will remain "pending acceptance" until the prospective tenant actually completes the SmartMove application.

I'll be paying off their remaining mortgage balances by way of my down payment, two of which are as high as 27%.