And unmotivated -motivated seller

[Mike Koprowski]

Hey BP, 

This is my first question on a forum so give me some slack.

Through my networking I've come across an older gentleman in Massachusetts (MA) who recently lost his wife,  he has stopped paying his mortgage, stoped paying RE taxes and basically wants nothing to do with his house.  Thorough a mutual acquaintance I know that he is planning on packing up and heading south, literally.  He is fully aware of his situation and doesn't care that the bank will foreclose, he just wants to walk away, and he is planning on leaving soon.  I may have only a few days to try to get something going..

I see this as an opportunity for real estate investing/transacting,  but I also see that this an occasion where I can help someone in a bad situation and possibly make something better of it.

Through the mutual acquaintance I know that he has not talked to his bank or a realtor, but he would be willing to talk to me.    

First, how do I handle the initial contact?  I know he is willing to talk, but I know that he really doesn't care about the situation, so I don't want to overwhelm him with creative problem solving, paper work, lawyers and mobile notaries...

Second, what would be the next step?  After reading a TON of the posts on this topic I'm barely starting to sift through the info.  So, if there is anyone familiar with short sale negotiations in the New England area I'd love to hear from you

Thanks in advance to anyone who can help, and if there are any questions I will try to provide what info I have at this time.

Have a great weekend everybody!

-MK

[Minna Reid]

You need to figure out whether there is equity in the property or not. No matter how depressed people may be they rarely simply pack up and walk away from tens or hundreds of thousands of dollars.

You should be able to gather a good idea of his equity position by looking at land records. This would help you figure out what your solution would be. 

Then you talk to the guy to determine for yourself whether he is motivated. Maybe he is and just has not thought of a solution for his house issue and is running away. Or maybe he is simply truly unmotivated - in which case this is likely a lost cause.