how do I get this motivated seller property?

[Johnny Ruiz]

I recently just gotten a new lead in Portsmouth RI and the seller is really committed. She wants to sell as fast as she can because she is going through hard times. The ARV is 950k-1.3 million. I estimate repairs to be 120k-150k and she owes roughly 600k on the home. In order for me to make this deal work I need to be at 425or below. What steps should I take for me to get a deal at 480k if she owes 600k. I've heard of a short sale but I am inexperienced in getting a short sale deal going. I want to buy and rehab this myself but she owes too much and I can only buy I at 425k. Not to mention she recently fell back on paying her month’y Mortgage which is 6200 a month. I really want to buy this home and help this seller, what can I do to get the price to my advantage hence she is open to anything?

[Jonathan Greene]

If she owes $600, the bank isn't giving it to you ever for $480 and won't approve a short sale for that when the ARV is $1m. This is a lead that will waste your time over the long haul. It's good that the upset value is lower than the ARV, but you have to remember when there is default the bank is in charge. The seller can't sell to you, if a lis pendens has been filed, without bank approval and banks will want to run it out on the market for a short sale, then courthouse steps if that doesn't work, and then back in as an REO. If I missed something, let me know.