Is this possible?

[Laurie Harris]

Can someone tell me whether this will work? An owner is upside down. She owes $93 but she has already gotten approval from her bank CEO to sell the house for less and do a personal loan for her for the remainder of the balance. She agrees to let me do it for $59.4. ARV is $85K. Is this possible as long as I have a letter attached with my packet from the bank assuring the buyer when marketing this house. I understand that this is considered a short sale but not sure if this is a no go. This would be my first deal so I don't want to get into something that won't work. Someone help me think through this.

[Eric M.]

I am not sure exactly what you mean by a couple of things like "assuring the buyer", but I'll just say...
the seller doesn't agree to the price. The seller's lender does. So even if the bank CEO has supposedly allowed a short sale, there is a process to go through to have the lender agree to a price.
Find out what the property is worth and what you want to do with it as an investment (fix/flip/rent) and then figure out the price you want to pay and try to get the lender to agree.
You have to do alot fo research here to learn the SS process.