One huge plus many people do not realize is that you can usually grab a preliminary title (o&e) report from their site on these sheriff sales. 

If you are under that and the loan goes through preliminary underwriting, you should be fine. 

He has put together a Pro Forma and received some preliminary concept approvals from the city (design, sewer connectivity, etc).

I found a hot lead in my area and the preliminary numbers look great!

Once he/she gives a verbal opinion which is not a "NO", then I prepare for a preliminary meeting with the Alderman by showing the existing and proposed drawings.

However, should there also be a preliminary agreement to protect me from having the person who is funding the deal snipe the property out from under me?

For us west siders that meant a 45 minute trek.Our preliminary location is going to be at the Unser Racing Museum. 

The preliminary title search or report must also confirm no liens on the subject property.

The preliminary title search or report must also confirm no liens on the subject property.

AND you can get instant preliminary approval online in less than 5 minutes... get a loan offer in 5 days or less and be closed on the property in as little as 10 business days.We are the nation's leading hard money lender for short-term real estate investment loans offering 100% financing with private money on 1-4 unit residential rehab and resell loans.