my first short sale

[Nicolas J]

I had an guy call me this morning and asked me what kind houses i buy. I told him that i do a variety of things, then he went into detail about he is getting close to be foreclosed on, and he would love to stay there if he could. I got out of him that the house is valued at 140,000 as of last year, the bank is willing to let it go for 115,000. The home owner would like to see if he could have someone do a short sale and lease option it back to him. Could i get some advice how i would go about this.I'm done a few wholesales before but never a short sale and a lease option on the same house before.

Nicolas

[Jon Holdman]

The lender will forbid the current owner from getting any benefit from the short sale. That means he cannot lease or buy the place. Owners moves out or you move on to the next deal.