Short Sale for $78k - how to proceed - Input.

[Kirk R.]

Not too familiar with short sales

Property I'm interested in:
APR 2002 - Loan For $65k
Listed with a Realtor June 3rd for $83k. About 40 days ago. Price changed to $78k July 9th.

Property is probably worth $70k. If it needed no repairs ARV of 70% would be $49k? Ideally I want "SUNTRUST MORTGAGE" the company that has the current loan to have the loan.

I could do a VA or my credit union business department might give me the loan.

Any input appreciated.

Next Steps look @ the property to see about repairs. & then work out an offer of 70% of ARV?

Best Regards,
Kirk

Oh and notice of default was served on April 15 2013. I am in IL.