Can somebody walk me through this (Short Sale)?

Question

So i received an e-mail from a lady via Craigslist wanting to sell her house.

She gave me these details only thus far:

3bedrooms/2full baths I owe 110,000 on property..........3mths behind.

After running some comps on the area i would say the market price on this home is in the 110-115 range so she has really no equity.

I have been told i would need to negotiate a short sale with her lender (whom I've never heard of) and do a double close because I can't make money from an assignment fee.

What I need to know:

What do i say to seller next?

I've been told 70k is around where i need to offer for this property to make profit and leave room for investor to make money. Is this accurate and why?

What is the overall process and time frame if offer is accepted by seller.

I basically need to know everything and what kind of contracts do I even use for this.

This house fits the profile of one of my cash buyers bedroom/bath and safe neighborhood. When can i even market the property to her?

I know nothing

Completely Lost (Again),

Ricardo

Sam M. · Answer

Although you might be in a position to pull this off I would defiantly recommend actually STUDYING about short sales before attempting one. 
            I studied for a while and still need help walking through the deals I have under contract. If it wasn't for some professionals here on BP I would def be lost.
          
           Not just an easy process if you want to be successful.

Bill Gulley · Answer

Hi, you're at the very beginning and you have a long way to go to get to a closing, too much to explain in the forums. I suggest you go to the members list and search for investors in your area, thyen contact them. Another way to get immediate help would be to contact other investors or Realtors in Durham that do short sales. Good luck, Bill