@Travis Kurtz , as @Paul G. points out, the mortgage companies like each mortgage to be secured by the collateral of that property (only).  

I would expect an fha underwriter do that exact thing, the value of the collateral is 107000

Indeed, here is some research done by Collateral Analytics (that sells data/etc to the mortgage industry) that just came out in July where they find that the "FSBO Discount" is typically greater than what the real estate agent commissions would have been, had the property sold for fair retail price.As a buyer, either can be viable.

@Jordan Bochner, Young Chap or no, loans are all about collateral, credit, character, and capacity to repay the loan.

At one end is the conventional, traditional lender concerned with capital, credit, capacity, and collateral.  

Jeff,So far they only appraise when your adding a new property as collateral or trying to raise your limit.Jeff V

As long as you or someone else has collateral (which may be the house you're intending on buying) and is willing to provide the guarantee then it's likely you can move forward doing this.  

What does the collateral for the loan consist of? 

Looking for input from current agents/brokers on what tools they use to create listing sheets/flyers, postcard mailers, and other collateral (expired listing mailers, etc.)I'm trying to understand what options are out there that make it easy to design/create these materials to download and/or print.

These are non collateralized loans.