Help: No Money Down Short Sale Profits??

[Philip Carallo]

Hello all! I'm brand new to Bigger Pockets and this is my first forum question. I'll get right into it.

In 2014 my dad passed away, leaving a house with an outstanding balance on the mortgage. In 1999 it was purchased for $92K. Today the outstanding balance is ~$164K, it has not gone through probate. Back in 2014 he was facing foreclosure, but since he passed nobody has made any inquiries with the mortgage company until today (my inquiry). My dad's dream was to own 3 houses outright - one for each of his kids. I know he would be thrilled if I were able to profit on the house, but I had no idea how to go about acquiring it until today. I spoke with someone at the loan servicing company and we discussed my options. I'm considering a short sale on the house, but here's where my question really comes into play:

HOW can I do a short sale on the house I grew up in with NO money down, and profit on it??? Is there a "wholesale-type" stragegy for this? My thoughts are to market the house in a short sale and profit by assigning it (?) to my buyer for a fee, like a wholesale contract assignment.

This may be a tough question, but any and all advice is certainly appreciated!

[Brett Goldsmith]

It would need to go through probate so you could be named the executor of the estate otherwise servicer won't work with you. You won't be able to do any of those things you listed to make a profit. If you occupied home depending on the investor on the note they may offer relocation money.