Two Part Question: Short Sale/Joint Venture

[Ryan Donohue]

So I believe I have what looks to be a good potential of a short sale:

-Owner is an elderly man(incompetent) in a nursing home and family(his son) was just going to let the house proceed into foreclosure(bank messed up foreclosure ~3 times apparently).

-Son is open and willing to cooperate in short sale. He said I should call the bank and see where in the process the foreclosure is.

-I've been keeping a friend I met at an REIA meeting up to date with my research and he is currently looking into whether its a good deal. He has done short sales before and is willing to teach me the process and partner with me.

How should I go about doing a joint venture(paperwork etc)? Is it too late because I told him about the property already? What questions should I prepare for both the owner(son), and my partner? Has anyone dealt with a situation where the actual owner may be unable to cooperate and a family member had to step in? Ask any questions you need and I'll help you help me! 

Thanks, 

Ryan 

[Matt Musser]

Ryan,

I'm not a lawyer and recommend talking to one. That being said, I would make sure the son has a special power of attorney for the house and the loan. If he doesn't then you will have to deal with the bank. Most bankers will be happy to hear you out assuming you can get a hold of a person that can help you at the bank.