Potential Motivated Seller/Burnt-Out Landlord

[Patrick Sullivan]

Hello BP Fam,

A few days ago I met face-to-face with a lady who contacted me after catching one of my bandit signs I placed throughout the area. In brief description, she is a burnt-out landlord who is behind on her mortgage and has no money coming in because her tenants are moving out soon and her brother (who lives with her) is no longer eligible to collect social security because they told them, "You are earning income from tenants", despite how their expenses far outweigh the income they received from the tenants. The sad truth is that both of them are noticeably physically disabled.

She mentioned a strong interest in going through with a short sale. Being a wholesaler, and not a licensed attorney or legal representative, what advice could I give her about the next steps she should take? Obviously this would have something to do with getting in touch with the bank, but is there something else she should know prior? 

Should this become a short sale, and the fact that I have potential buyers lined up, how can this become a win-win-win situation for her, myself and my investor buyers. Also, since we are dealing with banks in a short sale, and I heard that any "assignment" clause 9/10 times gets denied, would it be best to "acquire" the property with my investor buyer (buy and hold OR flip)? How would I set up an acquisition with my investor buyer when I have no money or credit to bring to the table (aside from marketing expenses)? Should I use another strategy altogether?

[Joel Owens]

That one is going to be a mess to get across the finish line and take up a lot of your time. You might want to just collect upfront a finders fee from an investor and let them roll the dice on the lead.

Maybe get 500 to 800 for your time.

No legal advice given.