Be prepared to wait a while for a response too. 2nd what @Wayne Brooks said about the price being approved.

Short sales do often require the property be listed before the lenders will approve the short.

I suggest you see your attorney and get that straightened out.I've been point stuff out here for a few years now and sometimes what comes back from investors is that they had their deal approved or blessed by their attorney, so I'll head that off if that's the case, if some attorney approved that, find another attorney.I'd say you're a creative guy, a real salesman, talented in the art of negotiation perhaps, but you should not be writing notes, it's not the wild west and things surface in time, so be careful out there. :)

In a nutshell, it will be much more difficult to get approved for a loan, and fewer choices.There are countless sources for the details of this reform, and it's rather wide-sweeping, but here's a summary of how it affects mortgages:http://www.quickenloans.com/blog/new-qualified-mortgage-rules-effect

You can do this by buying the house for cash at $130k or by buying the house subject to and helping the owner find a lender that will approve his new house loan with the current loan still in his name.

so make sure to ask when the leases are up.Personally, I would get pre-approved before seeing it.

For instance, one of our investor deals requires us to produce up to ten rehabs, fully tenant ready, Section 8 approved and tenanted every 30 days.

According to mortgage business development manager for Security National, “In over 25 years of doing loans, I’ve never seen so many hurdles in the loan approval process.

Maybe someone will solve that with video conferences.The best way to get started in RE is to take the time to learn the basics, generally what is required for a real estate agent, that can be had by certified teachers, under state approved curriculum, you don't need to be an agent but you should know the same basics.

Examples are:green water in poolbars on windowsno flooringno heat sourceevidence of leaksmolddry-rot or evidence of termitesfalling down fencesmissing doorsholes in wallswater stains on ceilings (requires roof cert)there's more...These are what a underwriter put as conditions on a conventional 4 unit approval I received today.9.