Dead Deal I think???

[Kenneth Elliott]

Hello everyone. I have just found this site and I have been reading a few of the post. I have enjoyed seeing how others are making real strides in real estate.

This is my deal. I found a property with a motivated seller. The property if a 4 bedroom split level with 2 full bathrooms. One bathroom needs some work. The owner has added new windows, a deck, new vinyl fence brick landscape in front. The problem is that she brought the house for $85000 did a refi and took all the money out of the house to the sum of $165000. She has a monthly payment of 1800 that does not include property taxes and insurance. She just wants to walk away from the property. Of course she want nothing from the property.

Comps in the area show a sale at 210000 last year in 2010. Another comp shows a 180000 sale this year. These are the only two comps in the area over the 168000 mark. I did not research the rental rates in the are b/c I did not see any deal that could be made here.

Can anyone think of anything that could make this a deal. The only thing I could see is if someone would make a short sale with the bank before it goes into foreclosure.

[Joel Owens]

So she owes 250k on it now?? Is there one or two mortgages on it??

Has she tried for a loan modification??

You could possibly work a deal but it will be a ton of work.

Is there not any other lower hanging fruit to go after??