Need help on short sale

Need help on short sale

Hi everybody,
Need some help here. I have a seller that is motivated to say the least. I live in UPTON WY and so does my seller he has a 4bdrm 21/2bath finished basement 2car attached garage, with a 24X24 single car/workshop in back heated cement floor, fenced back yard, treehouse for the kids. Needs a good cleaning, carpet needs laid in the master bedroom (seller has new carpet just never put it in)fence in back needs some updating all minor cosmetics repairs. He says he is not behind in his payments I was going to take this subject to but he owes 140K first and 20K 2nd, his payments are 1300K a month. Keep in mind this is a very small town avg rent here is 500 to 700 a month. I put out some ads in the paper and craigslist for owner financing lease option bad credit ok appraised for 180K, I got one call. So I told him maybe he should go with a realtor. Mainly because a) poor reponse from ads and b) I could not make his payments until I did get someone in it. So I really didn't want to damage his credit. He called me today and said he talked to CountyWide and they will do a short sale, for 105K how do I do this. I don't have any money to put down and honestly there are alot of homes for sale here that have been on the market for over a year. Can someone advise me the best way to do this deal. He has accepted a job in Gillette and had to move there because his job required him to Upton is 48 miles from Gillette, we have jobs in this area and home prices are steady. Hate to just throw away this much protential profit. Any suggestions?


I'm going to try and give

I'm going to try and give you some advice. Please take into account I have yet to make a deal. LOL. I believe you could get a Hard Money Loan, then after closing you could refinance it for at least 80% of the appraised value. That way you can pay off the HML, and take some cash out to pay for it and repair it until you find a renter. If you just want to sell it you can still get a HML and then pay it off after you sell it.

Hopefully you'll get more help than me from someone with experience. I don't think I'm too far off base but again I'm pretty new to this.

Good Luck.


Thank you Josh for the

Thank you Josh for the input, I appricate it.