Need help with first SS pending foreclosure, 12/1 in Texas

[finally]

Folks, i am stuck. I hooked up with a 'mentor' to help me with re investing. he said he had done short sales for 9 years and had done very well. i have fallen on my face many times attempting re investing on my own and lost a ton of money years ago. i decided to work with him. he helped me with marketing and then he went on a VERY long vacation. come to find out his methods are a little 'risky', bogus proof of funds and no clarity on how to 'assign'. I sent him $1000.00 and now i am at a point of a BPO and i am clueless, and he's gone. please help me out there. i am tapped financially and i need to learn what to do from what to say to paperwork. here are the stats

the house address is valued at 97523-114483 according to homegain.com houston 77072
they owe back taxes and hoa and there are 2 mortgages
1st $105,000
2nd $24,037
$5,000 worth of repairs needed per an unlicensed general contractor
 I offered 80,562 as instructed (60% of the propert value on default listing...stupid I know)

I know Summit speaks highly of creative real estate which i want to learn. My challenge is what do I do as I have proceeded with this as a short sale vs another method (still learning other methods).

Please help me with the following:
Assigning how to step by step including what paperwork to fill out, how to 'change' the name of the buyer
When do i look for a buyer (what would the advertised price be before acceptance?)
how do i prepare the hud 1? would that be part of the negotiations?
they are asking for a preliminary hud1
Also as told, i did not submit a listing agreement because i was told this would be favorable to the bank since they typically pay for this, was this good counsel?

Guys I dont want holding cost and all of that rehab expense, i just want to flip right now for cash.

Any suggestion from you experienced folks is much appreciated. The person to do the BPO has called me and i have not called back. Pending foreclosure December 1

[Summit]

Well here is the deal if they want to do a BPO there going to wait on the sale date. They will bump it out for at least a month if not longer and chances are they will counter your offer. Looking at the comps for the address (which I would take off the posting alot of vultures on the internet) I notice the other comps in the area are lower and so is the square footage that might work in your advantage that is for sure. Anyway let me get back to your questions. Sorry got off track

Assigning how to step by step including what paperwork to fill out, how to 'change' the name of the buyer

Depends on what you are looking to do with the deal. If you want to flip it you can either Double close it which is what alot of people on here do. Not really my cup of tea. Or you could get a assumable hard money loan under S-corp and sell the corp for the price you were looking to make. Or you can work the short sale and have the bank change the buyers name prior to closing. (I know this answer just opened a can of worms)

When do i look for a buyer (what would the advertised price be before acceptance?)

I would run your ad now and attract buyers for all properties on craigslist. Just don't put the address down as like I said eariler cant trust the internet. Wait for them to reply to you and see who the serious people are. Eiterway you get a nice email list to market to and its free. If you want ad Ideas let me know.

how do i prepare the hud 1?

On a preliminary hud and with this being your first deal I would find a local title company they will do this for you for FREE..

would that be part of the negotiations?

They won't negoriate without one so I would say YES!

they are asking for a preliminary hud1

This is normal if you can't find a title company to do this let me know I can do a preliminary.

Also as told, i did not submit a listing agreement because i was told this would be favorable to the bank since they typically pay for this,

Yes they pay for Realtor fees out of there cost's... Here is the problem there are some lenders that will not allow there to be a transaction without a Realtor or Attorney involved. They like to have someone to come back on.

was this good counsel?

Ummmm Fair to partly cloudy!

Now back to my 

[finally]

Hello Summit and thanks for your response:

Please explain specifically
"Or you could get a assumable hard money loan under S-corp and sell the corp for the price you were looking to make. "

also please explain what my ad would look like without giving a sales price or address

also which site did you go to for reliable comps?

Thanks