Short sale. Can I get creative?

[Nicholas Knaebel]

Hello everyone,

Thank you for taking the time to read my question. I am a soon to be investor ( have not made my first deal but working hard at it). I live in the metro Detroit area and looking at a duplex near downtown Mt. Clemens. It is listed on the MLS as "sale to short sale approval!!" for 99,890 and an zestimate of 116,451. I looked the property up on the city assessor website. The owner bought the property in March of 1999 for $117k.

What I do not understand is how he is under water on this house. Maybe he refinanced? According to an amort. excel spreadsheet I have he should owe 71k (with the assumed 7.8 interest rate of 1999).

Is there a way to find out what he owes and is there an opportunity for some creative financing here. He is an 89 year old man, living on his own. I say this because I may be able to help him as it appears he has already moved and probably does not want to deal with tenants anymore ( upstairs unit is occupied).

Can I assume his mortgage and refinance for a lower rate? Am I stuck in attempting a short sale buy? I have money that can be put down but would like to be creative to preserve capital.

Thank you in advance for any responses and if I left any key information out, please let me know.