The UCC stipulates what a draft is as evidence of payment, not as to any conditions.

I've been talking to him about dropping the price 20K (my "easy" haggle room, considering his 20K commission) but he doesn't think it's worth it.

Instead they just want to get the pain over with as quickly as possible.You also have to find a bank that is motivated and doesn't want the property (shopped) listed by the seller to fully expose multiple offers and compete with other investors.This is why many people wholesale.They make a few k on a marginal deal and let other investors take the high risk.Then they only buy when they get a really good deal for themselves.I would say "Do not get emotionally attached to this deal and overpay because you wanted to BUY SOMETHING" Instead just treat it as a property and if someone overpays for your goals then move on to the next.Remember it is easy to build a crap portfolio with marginal returns.It is much,much harder to build long term quality properties at a great price that will create generational wealth for the your family.

I have never wholesaled, so I don't know how "easy" it is.

Bill too many factors would weigh into this.You are looking at hard money with very high carrying costs at 60% occupancy as a regular lender won't touch it.Too easy to go from 60% to 40% or lower and the new lender has a fresh foreclosure on their hands.Unless you pay cash you will need a HML or private money and will have to pay low to get it to cash flow until you can refi into a lower debt service once stabilized.Is this a local,regional,or national bank??

By definition (ours here at Bigger Pockets)they are glorified slaemen who make everything sound easy and that with just a few clicks of your mouse and a phone call, hundreds of thousands of dollars will fall from the sky!

I'm imagine they will be auctioned eventually like most government seizures.As of right now they are probably considered evidence & will be held as such until the court hearings are over.

Copper thieves are looking for vacant residences as easy targets.

If the transaction gets flagged or audited, it would be fairly easy for them to unwind what happened and liquidate both IRAs.

On paper the mechanics look easy, but implementation can be very time consuming.For example: I may talk to 50 people in one month looking at say 60 or more properties that can potentially be a good deal.