For sale by owner short sale
Hi,
Recently with my direct mail campaign a person who received a letter from me referred their friend who currently owns a home in an area I’m looking to invest. They bought the house at the height of the market near $280k, they owe $220k and are looking to sell, the house is worth about $220k now. He knows I’m looking to pay investor prices (around $160k) and would like to short sale it w/o listing it on the mls and do it behind the scenes with the bank.
It’s an absentee landlord who currently has a long term tenant renting the unit out. The rent does not cover the mortgage, not even close, so subject to isn’t in question.
Without much equity I’m assuming I should not pursue and tread lightly w/o further damaging the position the landlord is in?
Thank you