Get a preapproval from a local lender, one where you submit tax returns, W-2’s, bank statements, etc.  

@Jake Jessen Have you connected with @Adrien S. here on BiggerPockets?

Originally posted by @Linda S.

If I am satisfied with that conversation I send them to my local mortgage broker for a more detailed mortgage pre qualification.Here are #'s on the 2 properties:1.

Obviously, you need to have s title search done and get title insurance but my immediate response to the agent would be “why”?  

As your #'s grow, I would expect a discount... but not at the beginning. 

@Thomas S. 

It seems you would be on the very front line of not only knowing what which properties were in default/foreclosure but would also see these properties first hand.Also, (changing gears) I have been offered a position to search within the default list in my area and attempt to approach the owner(s) of these homes with the intent to do a Cash for Keys transaction.

The things that should be in the contract are:The address of the house and legal descriptionThe parties involved:  the seller and yourselfThe price that you are buying it forYour contract is assignableSignatures and dateDeposit amountAny contingency clause(s)

Don't sweat it, just tell them the financial picture changed the #'s.