Need Advice On Long Distance Short Sale

Hi all:

I need some advice. I have a potential short sale with a home owner who lives a few hours from me. I have worked with the bank that holds his second mortgage before and they came to me with this to see if I can help.

I spoke w/ the home owner. He is in a bad financial situation and can not afford his house. He is willing to talk about options, including a short sale to get this off his shoulders.

My problem is he is a few hours away. I can't go see the house and I don't know any investors in that area (I would want to wholesale the house). I understand the short sale side of things and the contracts I need in place w/ the homeowner, but need help understanding what to to to determine a value on the house, finding a buyer, etc.

Here is what I know so far. The house is worth about $140k, in a nice neighborhood. The first is for about $122k. The owner is close to filing bankrupcy (I already told him I can't get involved in that). Regardless I'd like to see what I can do to help him.

Any ideas?

Thanks;

John

sounds to me you need a local broker who would agree to participate on both ends of the short sale.

Yeah...I've thought of that...getting all the details up front and just working with another broker to get the deal done for a small "finders" fee.

I also should have mentioned the property is in Kent, OH.

If anyone other there is interested in that area, drop me a line.

Thanks;


John

[ Edited by jwalko on Date 02/12/2008 ]