Possible short sale?

[Mark Sargeant]

Found a property 3 bed 2 bath that has been declared vacant by the county. When researching it I discovered that it has a foreclosure notice placed on it last June, but the bank has not acted on the notice.

I tracked down the owner who had claimed bankruptcy, has no other additional debts, liens against the property, and is moving back to Mexico within 2 months. He would prefer getting this off his back, and he has not lived in the property for 2 years but still holds title.

Bank payoff is $196,000 and appraised value (when rehabbed) is ~$230,000. The bank has no current plans to do anything (scheduled).

Is this a prime candidate for a short sale?