Do I have to get this before marketing my property and/or accepting a sales contract with another buyer?

If it closes at a higher price, you know why your offer did not get accepted, if it closes at a lower price, however it sales for CASH, you know why they were chosen. 

If Offer is over $50k; EMD is $1000,                         if it's under $50k the EMD is $500Fannie              10% of the accepted offer (yah, I know, WOW!)

More often than not, you will NEED a pre-approval letter from a lender before the seller will even accept your offer anyways.

Hold tight, accept other applications and decide which applicant is most advantageous.3.  

If a bidder wants to auction a property, and nTrustent accepts the assignment, nTrustent will perform the due diligence on that property and list it for auction.

Accepting of higher DTI or lower credit score2.

Note: My company will accept personal or business check/with ID.Know where your funding is coming from (a credit line, pre-loan commitment, seller financing, uncle Bill or Mom or your shoe box under the bed).Understand bidding position (where to stand).Your options with real estate (flip it, assign your contract for a fee, renovate and sell for taxable income, offer it on a Tax Deferred 1031 Exchange for equal or greater value, keep it for a cash flow income)?

NO house here sells for under 100% of value unless its a hoarder house or basically destroyed... what I find in your market is apprasials are pretty much meaningless.. the homes in the rentals areas are sold on GRM or acceptable cap rate or 1% rule pricing... not retail pricing were the ARV's come from. 

Thanks @Charlie Fitzgerald I guess then I should see what his offer is and if it's a good offer I would then accept it contingent upon the sale of his house, but if it not the offer we are looking for keeping in mind the huge savings in RE fees, we should let them know we are going to list the house to see what other offers we get?