If you can prove to the judge that the place is vacant, they will reduce the 180 days down to 60.

@Benjamin Hecker some good ideas here already especially moving away from the idea of the only way to grow being more deals at low margins and focusing on less deals with more profit, while reducing overhead/ time and money invested.

My market is different.We buy property as private buyers, not home buyers company, because sellers would not be eager to reduce the price, knowing that I make money on it, we do not have lists with divorces, inheritance, etc., because we have strict data protection.Mostly we flips on apartments.But we have less competition

We already have accounting programs, inventory control, sales forecasting, population trends and construction management, what area is there that can be reduced to be defined by 1's and 0's?  

I think a lot of offices are going to use this as an opportunity to reduce their office space and work remotely.

If that LLC has a significant mortgage against it, thereby reducing its net worth, it becomes less of a target.

A few weeks later it was on the mls for the same price, and recently reduced to 126,900.

Things take much longer to develop than people think.Typically when you see big apartment buildings go up it is a 3 to 5 year process.It might only be a few years from the time the public hears about it but before that years of legwork went into getting to that point.I couldn't say if right now was the right time to build.Everything is project specific.If the city will let you use a class C finish rather than a class A the numbers will save you money.Just to give a for instance some cities will demand a traffic light be put in for some projects.The traffic light parts itself are not that expensive but with the fiber optic hookup and underground cabling you are talking hundreds of thousands just for that one item.Typically on larger projects it's a fight for the developer to make profit.They propose a certain density and drawing.The county or city then wants to reduce the density and add in all these road improvements and lights at the cost of the developer.All the costs have to work for both parties to get a deal done.I have seen some projects take 2 years to get approved from submitting after going back and forth with revisions and tabling until the next meeting.So half the battle is the cost and financing available when you break ground and the other is the political junk.How much total land would you be getting??

Recently the listing agent said it was approved in the online system, although we are still waiting on the approval letter.We have an inspection coming up once the letter comes in.If we find major damage ($5,000+), we may want to reduce our offer to allow for the cost of the repairs.Question: If we void our initial contract, are we going to have go through another 3-4 month process, or is it possible to make a simple call to the bank to see if they will accept a revised offer?

You are the buyer so the lender could care less what you say about a BPO.The BPO was performed by a third party who was paid a fee for doing a non-biased order.This is why with REO's you will have the listing broker in pre-list do a BPO and they will order and third party one as well.In short sales they will order a 3rd party BPO.If FHA short sale they will get an appraisal.Investors always look for minor stuff like carpet and paint.SO ARE regular home buyers who will pay much closer to asking than usually and investor will.So just watch this property but it might go to a regular buyer before it gets even close to being reduced to your price.Better values are in properties needing a lot of work in good areas that turn off regular home buyers.