Possible Short Sale? Confused :-/
Any help would greatly be appreciated! 
This is what I have:
Owner is in foreclosure
Stopped paying back in December
ARV $400K
Payoff Statement $345
House as-is is worth about what the payoff is
There is not enough fat for me to buy it outright (after realtor fees, repair costs, etc.)
The house is in a great location but needs 2 bathrooms gutted, cabinets in the kitchen, painting all throughout, carpet in the basement and possibly a garage (all houses in this area have a garage and this one doesn't). it might hinder a sale.
Owner just wants to walk away.
Is this a good shortsale opportunity? I never did a shortsale before so I have no clue. Any help would be greatly appreciated! Thanks.
The key will be to have a very clear opinion, a defendable opinion, as to the property's as-is, FMV. Guestimates will have to be defined.
The lower the Lender's perception of value.... the more 'short' you have.