My agent got a call from the listing agent today and ask us to sign an Owner-Occupant addendum.

First, I really do appreciate the detailed response. 2nd; in the scenario where there is a mtg. on the house, let's say at 5%, with the original owner, and the buyer signs a CD at 6%, the buyer "DOES" get to claim that mtg. int. tax deduction?

Make sure you have a signed contract, spelling out EXACTLY who is responsible for what, how everyone is paid, etc.

If you fail to sign any obligation or agreements as Member, you liable personally.

Update: Apparently my buyer didn't care because he is signing my contract today!

Amber,Your whole post is irrelevant because you are saying THE SELLER is telling you what the bank said.If you believe the seller is relaying all correct info from the lender you are headed for a disaster.Get the ATR (authorization to release info form) signed by the seller and give ALL LIEN HOLDERS on title a copy.Now you have the ability to talk to the lender or servicer directly and get 100% of the information you need.

You might sign up for a paid Loopnet membership while you are shopping and then drop it.

The title company will either reject the money or have you and the lender sign a form called Third Party Deposit Instructions.

Second, if work has not been completed and permits signed off, the buyer's stuck with finishing the project and that's worth a big chunk of the value added.Keep in mind that, just as a $10,000 car with a $3,000 dent is not worth $7,000, I would begin by really examining why this property fit my portfolio If it doesn't, I'd want make sure that I didn't get stuck with it.

I'll try to specifically watch for signs of that.I can only hope that any financial problems will leave traces in their credit reports