There is nothing I can do here, is there?

[Mazhar Pirani]

Hi,

So, I finally received my first lead after someone responded one of my ads.

After getting the courage to call them (fearing I won't know what to say or do) , the call was not as bad as I had imagined it to be. After all, it was just another human being on the other end of the phone. After calming my nerves, we briefly discussed about the property and what not. It took the seller quite a while to provide me with an actual address lol, but she did eventually warm up to providing information after several attempts at asking the same question over and over again in different ways.

Anyways, interesting experience and a good first call. Thanks to all the folks here for the knowledge I have gained thus far. Now, after talking to the seller, I don't think there is anything here for me, but I just want to confirm.

From comps, I can gather the FMV is ~110-115K given average condition of the house. The seller only wants is owed, which is ~109K and change. On my first call with this person, they did not mention they were behind in payments, only that they needed to move because of . The seller apparently re-financed the house a year ago (going back to the record books, they had purchased it for 91000K)

Should it have raised some flags when the seller only says they want to 'break even'?

Given they want ~110K, which is almost FMV, and they are 2 months behind, I am assuming there is nothing I can do here as they have no equity?

Even if they sell at FMV, they will have to pay realtors, a mortage penalty, and lawyer fees. Plus, they are in a smaller city/town where properties move a bit slower so they may fall further behind.

Any creative ways for them to get a loan, sell the property at a discount, use the loan to pay the balance of the mortgage, and make payments on the small loan?

I think I will just have to chalk this up to a learning experience, glad to get the first call out of the way.

Thanks.