Here's an excerpt from the National Association of Real Property Managers summary of the 2009 Act.Effective May 20th, tenants with a “bona fide” lease that was entered into before notice of foreclosure can remain in a foreclosed home until the end of their lease, unless the bank sells the property to someone who intends to make it his/her primary residence.

And again unless as Joe states someone buys it to live in  ( Very RARE) if you have a bona fide lease at market rate.. the new purchaser is bound to the lease..

There is a section which determines if you are a "Bona Fide" non-resident which allows you the full exclusion.I actually overstated my income a bit just to help me with the lenders since I made below the exclusion limit and wasn't going to pay taxes on the higher income anyway.

If this is just a normal Seller, you could ask him to offer you a 1st right of refusal, which essentially requires they show you the contract as proof that there is a bona-fide offer.

If someone can give me a bona-fide example anywhere else in the country, then I'm all ears.  

You just cannot go after the borrower for any money and only recourse is the propertyI have never heard of a BK court voiding the security instrument (not sure they have any authority over it) but can wipe the debt which is what ch 7 doesI haven't read the pleadings but I suspect the Bk Tr is claiming 1. the mtg wasn't recorded at the time the borrower filed Bk and therefore was not constructive notice to a bona fide purchaser; 2. the Trustee is in the same position as a bfp without knowledge; 3. because of the first two positions the interest of the Tr is free and clear of the unrecorded mtg holder and the property can be sold without regard to the unrecorded interest. 

Move into a new house (your 2nd house) but keep the first and now you are a landlord and a bona fide investor.

-If you are a bona fide real estate professional under Internal Revenue Code section 469 et seq, then these loss limitation rules don't apply, and your losses are fully deductible in the year in which they occur.Hope that helps.

"Grantee herein shall be prohibited from conveying captioned property to a bona-fide purchaser for value for a sales price of greater than 120% of the purchase price for a period of 3 months from the date of this deed.Grantee shall also be prohibited from encumbering subject property with a security interest in the principal amount of greater than 120% of the purchase price for a period of 3 months from the date of this deed.These restrictions shall run with the land and are not personal to grantee.

But, the not to exceed is also tied to proof of a bona fide offer to pay $1,000 more than the highest offer, not to exceed.....I won!