Situation : A seller just called-He owes 3 years mortgage on the house -68K. He wants 3K in his hand . Wants 71K as price total, as it is still not foreclosed upon . What do I do -how can I negotiate this deal into something profitable? Can I go and negotiate with his bank?

Bigger question...What's it worth?

Account Closed Ask your local psychic what it is worth, that would be much more accurate than Zillow usually is. Get real comps, or an appraisal before buying. You could start by looking up recently sold properties on Zillow, realtor.com, etc but filter them for validity based on size, style, neighborhood, etc. That will at least help you come up with a valid estimate to see if you should pursue it further.

Cdnt help laughing at what you commented :) I know its too dicey for me and my husband flat out says no because he wants to have nothing with the neighborhood , whatever the potential to make money !

Zillow says its worth 137k.Going to see it tomorrow-Will let you know what I find

Yes you can negotiate with the bank. I would get it under contract with $3K net to him subject to you negotiating an acceptable number to the bank and any other lien holders. That is assuming the numbers are close - re read Mike D's point above

I'm no expert but from what I have expierenced and read from others is you can get a good deal by negotiating with the seller before the forclosure.

What is the opportunity in this? What is the opportunity in this?

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