Short Sale
I found a house with a deliquent owner. The owner bought this house for 440,000. He has 169000 in arrears and have 500,000 in liens. I am new to real estate investment is this deal worth following. I could deal with the bank but what should I do with the liens.
Let me hear from you.short sale 
you will need to negotiate with the lienors for each of the liens (discount the liens) or otherwise make arrangements to have them paid off at closing.
Dear jorge,
Thanks jorge. I will do that, my worry now is who to flip a 400,000 deal to. Are there people with this kind of money. I am just curious (cash I mean). I will tie it anyway and try my luck.
If its a good deal, the money will come. You haven't provided what the FMV of the property is so there is no way to know from the information given.
Okay, what banks in particular allow you to do short sales? I am in the VA area. Do anyone know if this is permissible in the state of VA?
different banks have different philosophies on short sales. The state that you live in probably has nothing to do with it. your proposal will need to be compelling to increase your chances of acceptance.
J