i have a house i'm looking at in Fort Wayne, IN that is a possible short sale. the house is 52 years old in a solid neighborhood in a good area. i grew up there. the seller bought it in 2004 and still owes $67,000-68,000 on it. the BPO came in at $50,000, which it is now listed at, down from $59,000. the payment is just under $700/month at 7.25% interest. the seller has it listed with his daughter, who is a new realtor. she said the comps are $59,000 and $54,000 for 2 houses just like this. 3 bedrooms, 1 bath; very basic rehab. no air - tenants have put in a window air conditioning unit in the kitchen, then take when they leave. it has been vacant since February, when the wife lost her job. those tenants had lived there 3-4 years. the house rents for $600/month. the seller was asking $700/month, but did not get any takers. this neighborhood will not support $700/month for 925 sq. ft. no basement. assn. monthly dues are $15.00. as of May 19th, the seller is behind $3000 PLUS attorney fees. foreclosure is set for September 12th. only one mortgage on the property. should i just let this go, or is there a way to work a deal on this property and help the seller out? i do not have money myself to make the purchase and cannot get a loan since i have been (happily) unemployed for 2 1/2 years. thanks for your help!
Linda, Army EOD Mom
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