New lead motivated seller, I need short sell advice
Hello,
A lead came in today from a gentlemen who wants to sell his house immediately. I went out to the property this afternoon, and I would classify him as extremely motivated (aka he offered me the keys). The problem is, I am not sure what I should do with this lead. He is in the process of getting foreclosed. He owns a lawn care service that use to do 1.5 million gross annually, however he became sick and couldn't work for 8 months. In doing so, he hasn't made a mortgage payment since March. He is in discussions with a bankruptcy attorney, however he would prefer to avoid filing. He owes 262k on the mortgage and agreed to sell the property for as little as the bank would accept. Its difficult to say what the property is worth since it has 4.5 acres (2 separate parcels), 2000 sqft home, plus a 1200 sqft garage for his commercial equipment. He said a realtor gave him a number of 330k 8 months ago when he thought about selling. I am still in the process of figuring out the ARV. Anyways, I need advice on how to work this lead. I would like to wholetail or flip the property, but not sure what the next steps would be. I need to get the purchase price to about 200k. Also, I am a licensed agent so I am not sure how that would play with the bank. I am hoping someone can give some insight.