Potential Subject 2 Deal , HELP !!!

[Adrian Williams]

I met a guy today who came to me wanting to possibly do a short sale , his job is transfering to Florida and he leaves sometime this summer he owes 60k on his house and has never missed a payment so his loan is in good standing , he is upside down in his house I haven't done a indepth CMA but I know the area good enough to know there is no way he could sale his home the traditional way and not avoid bringing money to closing the guy is 65 and said he doesn't want to buy a house again he will stay with his family after talking to the bank ( local bank ) they said they werent to inclined to do a short sale and if they did they would most likely go after him for the differance so I was thinking about possibly trying to take over the property subject 2 any thoughts?

[Michael Quarles]

If youre wanting to buy sub2 and sell sub2 or creatively then market to owners with 5-15% equity and buy those homes. filter your search to length of ownership of 7-10 years as well.

The key to Sub2 resell is that youre making a spread on interest, down payment, pay down and pay off... Very hard to with upside down property.