She Wants to Sell, But Underwater-How Can I Help?

5 Replies

Hi all,

I've been in conversations with a motivated seller that I'm not sure how to help. She owns a small triplex that ARV's at 315k however she's told me that she owes 390k to the bank. She is tired of being a landlord and wants to sell the house to me and I scrambling to find a way to help her as well as meet my investment strategy: (ARV x .7) - (rehab + fixing cost.) = MAO. If I were to buy the property, my fiancee and I would live in one unit and rent the other 2 units.

She's receiving a report on her to date pay off amount from her bank tomorrow and wants me to consider the price they give her as a talking point for  the purchase price.  I'm not sure if she qualifies for a short sale because she said she is in a loan re modification time period now.  

I am inexperienced and wondering if there are any ways to make the deal work or at least point her in the right direction.  Thanks all!

Thanks to you both.  I will continue to follow up. 

This will be a short sale, period.  You will Not get it at 70% of value, period.  She needs to just list it with an Experienced short sale agent.

Got it. Thank you for taking the time to share. 

Originally posted by @Wayne Brooks :

This will be a short sale, period.  You will Not get it at 70% of value, period.  She needs to just list it with an Experienced short sale agent.

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