Creative Solutions?

[David Tyrell]

Hi all, skipping the newbie introductions and going straight to the question(s).

Spent the last 4 months really trying to focus on my investment strategy and buy and hold it is.  

So i was just poking around the MLS, while i get my other lead sources up and running and found a property that fit my criteria (except the price). For some reason i had a gut feel and contacted the Seller Agent about the house and a viewing. Net/net:

- ARV - 200-5K

- Mortgage - $167K (i thought based on modification agreement i viewed online from 2012)

- Repairs - 15k

Viewed the house - total s-show.  Offer = 165K.  Realtor tells me (multiple times) she will terminate the contract (no commission) just so the seller can get out from this home, but says total outstanding balance 182K (guess there was a second and a few months late pay).   

Long story short, seller can't find 17K to make up the difference.  Are there any other angels here?  I'm ok to walk away, just wanted to know if there were other views i should/could be thinking about..??

Thoughts?  

[Christopher Telles]

Ask the seller if they'll consider approaching their lender to complete a short sale. Asking doesn't cost you a thing.

If they're not willing you walk. If the lender won't, you walk. If they accept then you get the deal.

You're in the drivers seat here. If none of the terms are acceptable to you, you walk.