It doesn't look like re-zoning the condo to a zero lot line duplex is possible. I sent an email out to my buyers list updating them of the "issues" and an original interested party said they were no longer interested. The other buyer said he was still interested but would get back to me - who knows. I was thinking of backing out and losing my EMD but have changed my mind. I am definately closing and may even hold these on land contract or something. They should cash flow nicely. Initially I was worried about having to hold on to the high interest down payment LOC. Then I thought about refinancing but apparently Fannie and Freddie changed the rules to 1 year seasoning for refi. So I called my gal at the bank and she told me they would do a HELOC (4%) on one of the units to pay off the high interest LOC - sold!
We'll see what happens. I have not really been making too many offers but have been watching daily. The same reo's are still out there and have not been reduced recently.
It will be interesting to see how this plays out...
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