Underwater Investor won't sell

[Kevin Polite]

I've contacted the out-of-state investor several times and asked if he was interested in selling a property I discovered they had a $100k mortgage. In the condition it's in it's probably worth $30-$35K at best. As I have my license I can't do a short sale, but asked if he was interested in selling as a short sale. He was, but not at the price I was offering and wouldn't sell as a short sale. The home is currently vacant and is in no condition to be rented. I asked him what is he going to do with the property and he said wait. I'm not wasting anymore time, but wonder why would someone not just cut their losses.