Asking about equity...and little more.

[John Henderson]

How did you ask your first potential home owner about how much equity they had in their home?

Let me set the scene:

Friend on FB announces he tried to sell his property via auction but was unhappy with the low bid offer he received and declined to sell.  Mentions he lost another $800.00 on the wasted auction and has a 45 day hold from the auction company on the property.

Now this guy is laid off from work and off the property, but seemed very interested in a cash offer below market value instead of listing with an agent.

Neighborhood would be at least a B with most of the houses higher in value in the immediate area.

This would be more of a whole-tail  as it is just personalized with paint and some decor, limited rehab.

How can I verify my numbers with this guy before my 45 days are up?

Thanks for all the help,

John