Need Help With First Short Sale Attempt!!please Help
hi, i have recently found a property in distress.
the balance owed is 82,000.00. the original purchase price was 79,000.00.
the compariale sales in the area are anywhere from 60-70,000.00.
is this a candidate, i would like to offer 50-55,000.00.
any help or suggestions would be greatly appreciated.
thanks in advance. 
I would gather more evidence before making an offer to the bank. Remember, the idea is to prove that the bank will never receive the full balance. Otherwise, why would be accept less?
Find out if the seller is having significant financial difficulty, meaning that they will not be able to pay off the loan. Also, does the house need repairs? If you get a quote from a professional contractor and take some shabby looking pictures, the bank is often willing to accept that they have loaned more than it is worth, making them willing to negotiate with you.
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the proptery is at the final stages of forclosure and has been in and out for several years.
it is vacant now.
what is the condition of the property? are there damages? sounds like ur offering too much. i have heard recommended offering is around 40% dep. on condition of the property especially. you have spoken with the bank already?
i am in the process of tracking down the owner.
from the outside, it doesn't look like it needs much but i want to see the inside.
there was a property that went to auction just 3 weeks ago, same size, not as nice, for 67,000.00.
no one bid on it, and our market is very saturated.
the sale is in 3 weeks.
is it possible to do everything in that time if i can find the owner?