Vince, loved your answer, especially your last answer :)
I personally think they are ugly. I don't think that as a tool it is all that helpful to a seller (they can be left holding the bag and with a bunch of headaches). However for a buyer I think it could be useful tool. So in summary, I think they are a mix of good bad and ugly :P
I have my opinion, but what is yours?
Everything is on a case by case basis based on a number of variables. Discharge date certainly will play into things. You would would want to check with a qualified lender... At this point it may certainly be worth looking into - if you would like to have any suggestions on lenders or mortgage brokers please feel free to conatct me :)
You may want to contact MORPC. The Mid Ohio Regional Planning Commission. They have information on a number of community based home ownership topics such as home ownershit, rehab, enercy conservation and more...http://www.morpc.org/
Seeing Darrell's comment reminds me that some people will choose to have a home inspection before they list or otherwise attempt to sell their property...