Is there anything we can do????

Question

Hi everyone,
            
            We had a woman contact us about her property for sale, just wondering if there's anything we can do to help.  It seems to me there is no deal here but you all are so creative I just had to ask.  
            
            This woman purchased the property 2 years ago.
            The loan balance is $167,652.17
            The PITI is:
            Principal Due $93.10  
            Interest Due $855.72  
            Escrow Due $334.48  
        
            Total Amount $1,283.30 
             
            Fair market rents in the area are $1200-$1300.  ( I have not seen the property to determine condition of home)
            Zillow estimate is &165K.
             
            The only thing I can think of is suggest she offers a lease option to a potential buyer.  This would not make me any $ but at least it would provide her with a solution.  She needs to sell by the end of December.  I've thought about a short sale considering she's upside down but she does not want to hurt her credit.
            
            Thanks,
            Heather

Michael Rossi · Answer

Heather,

Yes, there is something you can do - RUN!!!

There is no deal here and if this is a rental for the current owner, it will soon be a foreclosure.  Regardless, the owner is upside down and I would just say "good luck" and move on!

Mike

Heather Pelletier · Answer

Thanks Mike and Jonathan,

We appreciate it. It's what we expected, I just wanted to be sure I didn't miss anything.  We'll refer them to a short sale specialist in our area.  Who knows, if it works out for her we'll get 1K for referring them.

Heather  :)

Jonathan Rexford · Answer

You can still play with it if values are there for a shor sale.  Otherwise I would just walk or RUN like Mike said