BiggerPockets


can I deal with a bank directly about a house I want to buy from a private person?

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Linda Pierce

Homeowner from york, Pennsylvania

Feb 21 '12, 04:56 AM


There is a vacant house I have been eyeing. I finally got to meet the owner the other day and found out she would love to just get rid of the house. The problem is when I run the numbers at 60% ARV, I come up with a conservative $85,000. She said they still owe $135,000 in loans plus unpaid mortgage payments. Is there anyway I can help her out? Or do I just have to walk away. I would really like to structure a deal, but I am completely new and don't know if a case like this is worth pursuing. Can I contact the bank directly and try to work out a short sale to prevent foreclosure? Thank you for any help.



Justin Silverio

Real Estate Investor from Methuen, Massachusetts

Feb 21 '12, 05:05 AM


The homeowner will have to contact the bank to give you permission to talk to them.



Medium_js2homesllc_newJustin Silverio, JS2 Homes LLC
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Bill Patterson

Real Estate Investor from Portage, Michigan

Feb 21 '12, 05:43 AM


Hi Linda,
There sounds like a good possibility for a short sale. There are many things to consider, but for someone not experienced with short sale negotiation, to try to do this yourself would be a disservice to the property owner. If you like the house and are willing to wait for the short sale approval, I would suggest working through a Realtor that is experienced with short sale negotiation or through a third party company that can structure, manage and negotiate the approval from the lender. Short sales are a great source of inventory for investors!
Bill



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