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!

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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