Short Sale Question

[Ralph Biah]

I was recently contacted by a pre-foreclosure property owner who is very motivated to sell, in his email he stated "i want noting to do with this property i want out as soon as possible" problem is he owes the bank way more than the property is actually worth. I really want to help this guy out but i usually invest in pre foreclosures with a bit of owner equity for the simple fact i like to keep them as rentals and flip once the value goes up. Ran the situation by a business partner he proposed i do a short-sale but, never done one and i have no idea how to, anyone who's familiar and would like to help me out please comment or connect i need all the help i can get on this one. 

[William Hochstedler]

I totally agree with @Jennifer Kinzle

If you don't have one, this is a great opportunity to find a good agent.  Short Sales are a lot of work, and a short sale specialist will be able to do all the heavy lifting.

Moreover, an agent who specializes in or does a lot of short sales will be a great ally going forward. They will understand how banks work internally and have insight on REO's and distress in general.

All you have to do is find the agent, introduce the seller, write an offer....and wait.

Good luck!