What do I need and how do I help?
NEWBIE ALERT! I finally have a real motivated seller and I know I'm not supposed to get emotionally attached but I really want to help or at least find someone who can.
The seller in the RE world is an absentee owner with a vacant property but is also a VET that was discharged a few years ago under one of the military's force shaping tools. She left her home in the hands of the agent that couldn't sell it as a pretty house. Now its a different story since the house has had to have squatters removed. She has no idea of the condition of the property. The house has basically been a nightmare for her. She wanted the problem to disappear so she thought she would just let it foreclose. For some reason it just hasn't and when I looked at the court documents there's not one pending. She knows that her note was sold but does not know exactly how much she owes. This is her homework before we can do anything.
Problem 1: The locks were changed by someone here a year ago because of the squatters and she doesn't have the key. She has given me permission to check it out but I'm not about to look like a burglar and she doesn't have the money to spend on changing the locks or getting a locksmith again. (Sounds like a cha ching from my wallet)
Problem 2: Paperwork. I need to know how much she owes and once I do I need to know what paperwork I need to talk to the bank or company that purchased the loan.
Problem 3: (The biggest) ARV of the house will go for 165k (conservatively). She said she think she owes about 140k. (Yes I know, there goes the chances of a great flip profit). And, she has no idea what the squatters did to the place.
My question: Will a contract and power of attorney suffice for me to make moves and get more information about this property and loan? How do I even word the contract to try to get a short sale, or should I try to buy, fix and hold for a renter? (Rent rate is $1100)
Notice RUN is not an option. Emotional attachment comes from the fact that I am in the Navy and went through the same PTS approval stress two years ago. Fortunately for me I was able to advance and my life didn't fall apart as hers have. So if you have solutions (as we all say we have) offer whatever advice you have please. This one is a mess.
-Tiffany
P.s. Sorry this is so long.