Let him know your long term intentions, and work out the appraisal with him.

If you think you were a victim of New Century you will continue to not see the person in the mirror who is the main cause of your problem.You did not do your homework.

If you have a binding contract of any sort and it is specified that it is assignable then, yes, you can assign it.If you are referring to an Letter Of Intent (LOI) or some variant of an LOI where you are just outlining a possible contract then, yes, you could assign it also but its not binding so its value is minimal.Assignments are normally done when there is a binding contract to purchase a property.Earnest money is not required for a contract to be valid, and I rarely give any earnest money when buying.

I have no intention of quitting work until I can afford it.

Rich Dad is a good start, but it is mainly theory.

If your intent is to stay there for a week then I would not do so.

the owner just had a stroke and has other properities. this one is the only fixer-upper, he basically just wants out. i,m taking an equity loan on my house for $40000 for down payment, closing, and a small credit line(about $12000). my main concern is the labor charges of contractors in my area. the on-hand cash would enable me to get local handymen and cheap laborers to cut into alot of the cost of teardown and disposial. also a friend workes for a local home builder and is willing to do alot of the drywall work and floors on the side.

I just read the original thread---juicy...I can't answer the where, but I'm going to take a stab at what to look for (which is at the core of the question---you have to know the "what" before you can find the "where"): - Follow the employers---seek areas where employment is both vibrant and growing (job growth leads to migration patterns---people have a tendency to follow the money)- Seek a community with current or future infrastructure expansion intentions.

Is it better to just tell them you are going to send them a letter of intent and make a lowball offer that way?

My last PM seemed to feel that several day turnaround was adequate and that's the main reason they are my ex-PM.