I have been involved with multi real estate transactions for a number of years and more I ride in this real estate wave more interesting it becomes, with new challenges, new laws, new markets, and new economic conditions but overall main theme stays the same.

Instead of talking to a lawyer, direct your energies into getting a clarification from the negotiator.

It's also probably going to be a lot more expensive to purchase than in a failing economic area with a diminishing population.

Where are you planning on focusing your energies?

I'd suggest you have it reviewed very carefully. paying the minmum will not provide much of a paydown and if you were to make just that payment and attempted to refinance, the property may not appraise high enough, with 10% down, for a refi without PMI or to make it economical, so pay it down.Others have addressed the deal itself.Good Luck, Bill

I continue to think is very dangerous to count on overall market appreciation, especially in CA where you have a non-functional legislature and an ugly economic situation.

They told me they didn't think they had to pay more because they had a really high electric bill from December's energy because they had to use a space heater to heat a bedroom for a couple weeks while i replaced their heater. ...

This area hasn't expreience the degree of economic downtown that many other parts of the country have.

The current economic downturn and real estate market offer a great opportunity for rehabbers to make serious money.

The stock market decline based on negative economic conditions and market sentiment.