Foist step is to sit down with a lender, get prqualified and find all the things that you don't know you don't know.

Fortunately, our long time real estate attorney was able to help connect us with a commercial lender and it worked out.  

The agent tells me the seller is motivated to sell the property and had no idea the condition it is in (he's out of state), but after two weeks of submitting the new offer the seller has neither accepted nor rejected our new offer.

What kind of lenders should I be looking for?

Hello,I posted my deal on Moolah List to find private money lenders.

I would need a private lenders help to close on this house quickly since they have an offer in but are waiting on me to make an offer.

I would need a private lenders help to close on this house quickly since they have an offer in but are waiting on me to make an offer.

To give some more information on my plan, I am in the beginning stages of contacting lawyers, agents, contractors, mortgage brokers, and hard money lender to build out my contact list.Simultaneously, I am beginning to develop systems for generating leads.I have been listening to the BP Podcast for the past year and it has been a tremendous help in driving my interest in REI.  

Always helpful to break up into paragraphs.For starters, Bank Oened is a term usually reserved for an REO property; one that has reverted to a lender after foreclosure has occurred.What you have is a pre-probate situation in risk of foreclosure.POA is only good as a proxy for passing title during the lifetime of record owner and most title companies want a POA for a specific property transaction. 

-the property is in a non warrantable condo complex-loan size of $70K-$75K-property is rented and has good cash flow-I would prefer a fully amortizing loan (no balloon payment); so preferably a 30 yr with 30 yr amortization but would consider a shorter, fully amortizing loan as well-Looking for a LTV of 75-80%The deal size is too small for a lot of lenders (including B2R).