She Wants to Sell, But Underwater-How Can I Help?

[Courtney Rollins]

Hi all,

I've been in conversations with a motivated seller that I'm not sure how to help. She owns a small triplex that ARV's at 315k however she's told me that she owes 390k to the bank. She is tired of being a landlord and wants to sell the house to me and I scrambling to find a way to help her as well as meet my investment strategy: (ARV x .7) - (rehab + fixing cost.) = MAO. If I were to buy the property, my fiancee and I would live in one unit and rent the other 2 units.

She's receiving a report on her to date pay off amount from her bank tomorrow and wants me to consider the price they give her as a talking point for  the purchase price.  I'm not sure if she qualifies for a short sale because she said she is in a loan re modification time period now.  

I am inexperienced and wondering if there are any ways to make the deal work or at least point her in the right direction.  Thanks all!

[Theresa Harris]

@Courtney Rollins  You want to pay what the house is worth (or less to get a deal).  What she owes to the bank is irrelevant.