Atleast 1 of 2 things would set off red flags1.

I'm in Redding, CA, and we have a lot of demand for homes under $450k, and rentals.

Do you know if there is a lot of red tape which makes it difficult or is it fairly easy if you meet requirements and lender knows what to do? 

Applicants offering to pay a year of rent upfront is a red flag.

Bryan, it sounds like you're in a tough spot, and there are definitely some red flags here, especially with the property already being sold and the lack of communicationYou mentioned the borrower has many properties across states.

If they are under 600 we consider it a red flag but not an immediate denial.

Even red states with blue governors can be problematic.  

If a buyer is coming down with a high-down payment and quickly making a large deposit into escrow fighting tooth and nail about proof of funds may be a red herring.Credibility is also a factor here.

Check out Red Stick REIA, Westbank Real Estate Investors, Northshore REIA and NOREIA.

Quote from @Jay Redding: Steve - We would be interested in taking a closer look at this.