Need help on 2 similiar deals

I took the leap and started to market and the phone is ringing…

I have two deals pending…both owners are willing to walk away and let me try a short sale. The problem is that both have a good chunk of equity. I dont want the BPO to come back higher than the amount owed.

1st house - owes 86K and is worth 140K. No repairs needed. The house is in great shape. Should I wholesale and move or or short sale?

2nd house - owes 78K and the home is worth 120 ARV. Needs about 5K in work. Carpet, door and window. The homes in the area appraise for 125 to 150K, the home next door is on the market for 55K. I am digging it to what is up there. Any ideas here…short sale or wholesale.

Any input would be great. I am brand new to all this.

tigerjim14 - Are you sure you got your numbers right? If the house next door is on the market for 55k and is similar to the one you are looking at (I am assuming this is the case otherwise why would you mention it…), then the house you are looking at is not worth 120k. It is worth 55k, which is less than what the owner owes… This maybe the reason why he is willing to walk away from it. Why would someone buy your house if there is another one selling for 55k?

good luck! Keep us posted!

I agree…that is what I need to find out. Did not make much sense to me either.