Off Market Short Sell. What am I in for?

[Levi T.]

I got a call from a lady who has a house that's under water, and we struck a price, the contract price is about 70k under what she owes, maybe 20k under market, but the property needs work. 

Next week I'm rolling over to her property, to hand her our standard contract. Once she signs it, it's binding unless I write an exit option for her.. From what I have read online, most people submit offers to the seller's bank, and they can accept or reject that, but we are submitting a contract as part of my business SOP.

I know they could reject lowering/writing off her debt, and at the end of the day if she can't find someway to off load the balance on her loan, we wont be able to close the deal. Normally I don't do these, but figured it can't hurt.

Anything I need to know before I get going. Maybe some paperwork I should include, authorization letter to talk to the bank on her behalf?