BiggerPockets

I have a motivated seller I found in WA state that is in the foreclosure process. The bank is CITI bank. They are waiting to hear back about a loan modification to stop it. That process has been going on for over a year they say it's in underwriting now. The seller owes 300,000 + and the house is worth 180,000 tops.

What can I do to turn this into an investment and help this couple?

I have not done short sale type of real estate. WIll I buy this from the owner or the bank and how do I talk down the price to the bank or owner. The house is in good condition and valued at 180,000 what would be a good price to offer. I know it's hard to value without seeing but what do you think the bank would accept if its them I offer it to. And how do I do a short sale for this house?

@Tracy Royce has a good suggestion. I would add that WA is one of those states that has some special laws set up to protect homeowners in pre-foreclosure, so some sort of special notices are required to be given to the homeowners by law. Better to know what you're doing in those kinds of states.