Need help! Homeowner probably needs a short sale/deed in lieu

[Eugene Thompson]

Homeowner with equity in home, who wants to sell property, asked me for a deed in lieu, but I am a wholesaler and I don't know how to talking to a lender to negotiate on his/my behalf.

Home is comped at $130k to $140k. Owes $66k. Needs at least $15k in work but is asking for $130k. It is in/near a good, historic area of city.

A) how should I navigate this so I can profit as a new investor with no experience in this type of transaction &

B) simultaneously get this homeowner out if this situation?

[Wayne Brooks]

The title of your post is "Need Help! Homeowner probably needs a short sale or DIL". I gathered from that heading that You are thinking the homeowner needs a short sale or DIL. What other conclusion could one reach with that heading? I never assumed the owner mentioned a short sale, that seems to have come from you.

Aside from that, a straight up purchase for $85k or so seems to be a reasonable solution. But first verify his loan balance and any other liens, judgments, back taxes, etc. that may also be owed.