You will encounter overlays, too.After that cap, no more government subsidized 30YF interest rates, no more central authority dictating terms that must be followed if a lender wants to be competitive on rate, and thus each portfolio lender does whatever it wants.... and charges whatever un-subsidized interest rate/points the market will bear for folks in scenarios similar to yours.

If you are not a broker you are not authorized to cash your broker cheque. 

Hey GuysI was wondering if anyone was able to get Properties owned by the Housing Authority and get these properties contracted to sell?

Some people definitely make money in those areas, and ROIs do tend to be high on paper, but you need to be very very familiar with the market and local housing authority regs, and be able to manage them yourself.

I have disclosures and authorization and all of that.

In either of these structures, you will have signing authority for the plan and operate out of a bank account of your choosing.  

You need to contact your local housing authority to get guidance.

Bingo.After talking with the owner, owner wants nothing to do with the property but has a mortgage on it that in his words,"He will never put another dime towards" and he had no idea if he has been foreclosed on or not, which it turns out, he had not been.So I get the name of the bank, and after several rounds and letters of authorization, and the officer being surprised that they had the mortgage still (They had a systems upgrade that purged information...) we finally get to the point of talking about what I could offer on the note as the institution has written off the mortgage (quick side note here the owner decided to do some remodeling work and took out the floors, subfloors and a few other walls so understand that this property is really nothing more than a shell at this point and will need all new systems, insulation, drywall, etc  you get the picture, full tilt train wreck).  

I'm not sure who has the authority to do this (or who did it).  

If an agent (your property manager) is acting with proper authority using reasonable care it is standard practice for a principal (property owner) to indemnify the agent under common contract law.