The house was there on the market for close to 300 days.We got the inspection report and it showed that there is a plumbing issue (leak from the master bathroom, see attached pic), which looks like a red flag to me but my realtor (might be biased to closing this deal) has asssured that this is not a major issue and can be fixed.I have requested the seller to fix the leak plus bunch of other minor stuff in the request for repairs.

A mortgage is where a bank pays money directly to a seller and retains title of the property until the buyer pays back the loan.Because I am not creating a mortgage, I do not have to follow mortgage lending rules.

However, remember that if you really have interest in the property, you can always get back to the seller and ask for more data. 

@Sam FackrellI responded to the sellers ad.

However, the seller does not want to produce a Certificate of Compliance or zoning.

Being able to speak intelligently to buyers and sellers about the local community and market, the up-and-coming areas, etc. always beneficial.

Also, this would give me an advantage during the purchase by offering the seller all-cash and therefore a faster closing as well as the potential to make an offer without the mortgage contingency and potentially get a better deal that way.

Also, this would give me an advantage during the purchase by offering the seller all-cash and therefore a faster closing as well as the potential to make an offer without the mortgage contingency and potentially get a better deal that way.

Since then the bank/Seller have asked for numerous extensions which we have given. 

But when the seller is asking for $230k, $120k seems so far off.