House in Bankruptcy- short sale?
Someone called me today about a house in bankruptcy. The seller is wanting to try and find someone to do a short sale on it so he can rent it for two years. He owes $160,000 to the bank still need to look at the property, but I think it may be worth $180,000. I am not familiar with short sales or bankruptcy. Can this deal be done? Can I rent it back to him on a lease to own if I get it? Can someone please give me some insight so I will know to look into it further. To me it is pretty complicated to get a property that will tie up cash. But at the same time if the price is low enough it maybe worth the headache.