short sale help needed

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I have a property that i own and I owe 531,000 + 6300 legal fees, I wanted to tear it down and rebuild to save the home and sell it but being in pre-forclosure hard money is hard to find, I am working with a realtor( nothing in writting) who says he can find an investor to buy it short and give me cash back but he won't answer the phone

the property appaised at 633,000.00 in 2005

one on a corner in my neighborhood sold for 1,367,000.00 after a rebuild, the bank is open to a short sale, and I wanted to know how I can get some of my cash out if somebody does a short sale deal, there is plenty of potential in this property it is in the ocean city nj sea shore area

I thought you could make money at 540,000.00

1,367,000.00 at 65% would be 885,000.00 thats 345,000.00 to build and should be lots of upside but on a short sale there would almost a 50% cltv

Does anybody have some knowledge to share so I can at least get some cash out

Thanks