BD,
The smaller, local banks know the area much better than the big banks. They also are run by knowledgeable people with local knowledge. They are more inclined to bend the rules, but the rules are now very tight due to the "meltdown".
Another option is to go back to the current owners and let them know of the situation. It is their problem right now, since you have not yet purchased the property. They might be willing to reduce the price a bit more. However, if you close on this property, you will now own the problem and it will bite you again when you sell.
Good luck in whatever you decide!
R2B
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