1400sqft bungalo near Tampa, 3 bed, 2 bath, attached garage, 9000sqft corner lot, walking distance to golf course asking $70,000, a few preliminary comps only found online, since I do not have a realtor with MLS access in the area yet sold recently for 100,000 and 110,000, with larger 3b 2bth 2000sqft homes going for ~180,000.

.- Prior to closing, review the preliminary HUD-1 settlement statement and make sure there are no errors.

Get a Preliminary HUD, post any fees here if you like, to make sure it's legit.

Joe:I am aware it doesn't mean the bank will accept my offer.My question is how iron clad and binding a simple offer sheet is.I have done REO offers before with a full contract PLUS an offer sheet as a cover sheet type offers, but never one that includes nothing except a simple offer sheet.I assume the bank decides then they ask whoever they "preliminary" accept the offer from for a full contract at that time.

They are just guidelines for you to use as a preliminary analysis.

I own a property in a similar although different location, and I get 100 calls a week when I put out a sign.My preliminary numbers project a $300/month positive cash flow with 100% financing.

@Joe - Would I just contact a title agency and request a preliminary report?

On our loans we have always used a voucher system, with verification of work done, etc. in order to keep lenders protected, and regular inspections/pictures, etc.Though we can find the deals, draw preliminary designs, renderings, site plan, are licensed in real estate and construction, know all phases of development, we have never used joint ventures, syndications, etc.

If I'm redesigning the kitchen, I'll provide a preliminary sketch and I look to my supplier to make recommendations on how to improve it. - I like to use the same finishes in most houses, so I typically have one line that I use 90% of the time in any given city.

@Darren Sager Its true you needs to learn the "Rules" Like the 50% and 70% rules but those are just guidelines used to do preliminary analyzation, they are by no means meant to make a final decisions.Im actually suggesting you get a detailed spreadsheet and learn how to work it, by doing so you will force yourself to learn a ton.