Short Sale? Ideas?

[Jason M.]

Background: Working with a couple who's house is up for foreclosure on July 6th. They filed bankruptcy and cannot afford the huge payment with the house. The house has been released from the bankruptcy. I estimate that they owe about 85k (sending for payoff today) and the house is worth about 115k retail. Needs very little work. House is located in Corpus Christi, TX.

I normally purchase properties at 40-60% ARV but want to see if there may be a way to make a buck or two off of this property. I have done short sales in the past for houses I've purchased outright but I am looking to wholesale this prop.

Should I get the house under contract to try and pull the property from the foreclosure? Should I try a short sale to increase the spread? Any thoughts?
Thanks,
Jason

[Jon Tarr]

Based on the limited info you provided I agree with Tom.

Banks typically will take anywhere from 70% to 80% of ARV on a home. (And this is a good price)

I have been involved in hundreds of short-sales and retail liquidation is the best way to profit from them unless they are rough.

Tom is correct, looks like you have a great opportunity for a Subject To deal.

Good Luck