Updated almost 11 years ago on .
Short Sale or deal question
I'm still new in real estate investing so I'm looking for advice on a potential deal. Luckily my marketing is paying off and I have friends bringing me potential deals. Here is the situation. A seller who wants to get out of her home called me. She has a home equity loan of $56,000 and no other leans on the property. She is only 2 months behind in payments but wants out of the area asap. My first question being that it's only a home equity loan will the bank even consider a short sale? Also this home currently is a 2 story duplex but each unit only has 1 BR. To make it more appealing to potential buyers after the rehab the property should probably be converted to a single family 3 BR, 2 Bath home. The ARV value with comps and the neighborhood should put this home at around $100,000.
With that said any advice on how one should proceed on this potential opportunity ???