Don't pay attention to numbers provided by professional real estate sellers and listing brokers, they understate expenses when pitching properties, it's how they make sales.

At that point the attorney will usually step in, if not it could fall under state law for administration. 

Due to the fact that you are not a licensed real estate broker, I removed the right to advertise and show property to others because these actions are reserved for real estate brokers under state law.

If you're selling your owner occupied home you're most likely exempt under state law which an allowed exemption under the SAFE Act.

Without this understanding, a cost segregation proposal may grossly overstate (or understate) potential tax savings.

If done correctly this creates no problems for a buyer trying to qualify for a loan.I’m going to guess that based on the information shared she either doesn’t report the income at all on her tax return or under states the income or over states the expenses.

The property I purchased was overstated on ARV and understated on rehab.

Under state/federal law (nothing to do with the BK) you may have to actually have a mediation hearing, but you don’t really have to offer  any “reduced plan”.How the hell has the borrower missed so many payments that the taxes are $12k behind without the foreclosure having already occurred, assuming they are escrowed.

Sometimes the more understated you come across the better.

If you used your own investor super duper buyer friendly whiz bang contract and left out such damages, then the seller will be free to seek what ever damages may apply and justified by some attorney under state law that could end up being more than the usually agreed to penalties.I suggest you go to the lender and ask to see a blank note if you really must.The problem could arise since you don't really know what customary terms are that you'll form an uninformed opinion and just get cold feet.You will have three days prior to settlement to review documents, nothing will be changed unless there is an error.