Motivated seller for sale by owner

[Daryle Smith]

Afternoon BP forums, hope everyone enjoyed their thanksgiving.

So I built a good relationship with a seller a for sale by owner and he’s motivated to sell he has taken the deed of a property from his deceased father and is now trying to sell his asking price is 419k he owes 389 on his mortgage so he claims he hasn’t requested a pay of Balance yet so I’m not 100% sure but that’s his word. My offer was 347k but this was before I found out how much is owed on the mortgage. I want to weigh some possible options. Would a short sale be feasible for this situation? And of course if he is ok with walking away with nothing he has been paying the mortgage again so he claims but I can tell from recent discussion he’s rather have peace of mind than hold the property and he isn’t occupying the property either his wife and him make good money he his retired and wife is in the medical field and both have primary homes. What are some of my options if I introduce the short sale option?

[Marc Winter]

If you were to own this property, what would you do with it? What are the monthly total expenses, PITI plus reserves? Would it cash-flow?

If there is some cash flow and you are comfortable, maybe take the property 'subject-to' the existing loan.  

Short sales normally dont get considered by the lender unless the loan is behind/in default.

Good luck.