And you think you have short sale problems!

[Bill Gulley]

As usual, I bump into "opportunities". This is a real dilly!

Last evening, I walked through a 4/2 1/2 in a nice area of town, market average about 120K but at that end of the neighborhood about 100k. IMO the place is worth about 60K, so the owner is underwater.

Owner owes about 82k.

Recently we had a thread about property owners who were in prison. Well, the owner is in prison until around may of 14!

The owner's GF has been living there and she sub-let rooms to cover expenses.

The GF says the owner's mother is a wheeler dealer wholesale car dealer and thinks everything she owns is worth more than anyone elses stuff and expect her to be a PITA if she gets involved thrying to protect her DWI son. Good part is she is not on title.

Property needs about 15K to bring it back to market in the area. GF said someone offered 48k and I laughed. Rents would probably be in the 800/900 area.

How many of you wold mess with this mess? Tactics?

[Dion DePaoli]

I had an experience with a prisoner once. The only difference then was there was a need to liquidate the property. Not sure that is present here. It was a pain in the butt. It took multiple iterations to get a POA and communication was so difficult. Family members out of the blue felt the need to stick their nose in the deal causing more time and energy wasted. Which is ironic, you think they would have got involved prior to the act that sent the person to prison.

On top of all that, sounds like you need a sizable discount on the note. If it were me, I wouldn't touch it.