Short Sale Specialists.....Please analyze

[Dennis Coley]

So I have been approached by a friend of mine that is in the real estate business. He wants me to help him figure out this issue that a couple of his clients has. We both want to help figure this out because it can be lucrative for us.....we hope. Here goes:

These particular clients have a house and a piece of vacant land at the beach.

The house has been on the market for 6 months at $1.3 million. I ran just a quick eppraisal of it and it only comps out at $1.2 million.

The vacant property is listed at $600k. The eppraisal on it is ($800k.

The same bank owns both notes and the homeowners are about ready to let both go into default. The suggestion I gave my buddy is that we get the homeowner and the bank to agree to a package deal for both at $1.1 million (800k for the home and 300k for the land).

So, my questions are.....

1- do you think this deal is even worth pursuing and why?

2- are the numbers I suggested decent short sale numbers (am not very familiar with the formulas I should be using on short sales)? If not, what should I be coming in at?

3- who knows of title companies in North Carolina or Nationwide that will do a double close because I will not be able to fund the A to B transaction at those prices.

4- if anyone would be interested in this sort of deal as an end buyer, please let me know.

Thanks in advance or all of your thoughts.