But the next comment is "Repair or modifications to the stairway would likely not be practical."

Given the situation, he offered to quit claim the property to me (for a fee) so that I can negotiate with the bank directly for a modification.  

I have Horrible credit (580) and just finished going through a long ( 2 year long) home loan modification, witch was finally approved and finalized.  

He says that this property should be easily sold between 200 to 225K.I asked him that some comps are around 140K and he mentioned that we will do some high end rehab with some modifications(adding extra bed room) which should give an ARV ~225K.

Later today I am contracting (knock on wood) a guy that owes $170k after a loan modification on a house with an ARV of $160k.

The homeowner is currently working with the current bank/investment company via modification which hasn't actually started yet.

I would recommend talking to Shane Utesch with Vitalized Homes.

I will share a some vital info about my self.I am seeking a owner financed property( SFH or MFH).

The property could be a great wholesale or rehab.The sellers were given a letter stating they could initiate a short sale (a loan modification was denied).

@Edwin PinaIf you are an "investor friendly" Brokerage, then you work with ALL types of investors and, like us, are investors themselves.If that is the case... and not just hype, then the three suggestions are inherent to doing business.In our case, we are a larger HUD Brokerage, and because of that have a strong relationship with a HUD approved Title Company with multiple offices who can do a number of things:Mail away closings - We support investors as far away as NorwaySimultaneous closings - We work with a number of wholesalers so this is vital.