Short sale/Wholesale/What should I do? Question...

[Matthew Stover]

I live in a good side of town here in Tennessee. My neighbor had a lease purchase on his house and at the end of the lease, he decided that he wasn't going to purchase the house.

The owner thought it was OK for him to rent it out since he wasn't going to purchase. After 8 months of not paying the rent, the owner evicted him.

Fast forward to this week and as you know, Tennessee was rocked by tornadoes. Our street just got hit pretty badly with the tornado. She lost a patio, the roof over one of her additions, and garage door. Our houses came out really lucky compared to the others on the street.

She's very motivated to sell the house. She says she owes $73K on it; I know it's worth about $112K. She said she didn't pay insurance back in December. That makes me worry.

At $73K, it's not worth doing a deal. She says she owes this much but I see on the county assessor page that she bought the house for $65K back in 1993. She has made two additions of about 500 sq. ft (sunroom and den).

What should I do?

I'm thinking of offering her $45K to see what she says. If she says that she really owes, $73K, could I short sale it somehow?

I'm not familiar with short sales so I would be willing to partner with anyone on this thread who is interested.

Please let me know,

Matthew Stover08

P.S. Feel free to PM me.