Should I do this Short Sale?

I have a short sale I’m working on, but the house is in good condition.

The owner owes more than what it is worth.

My question is since the house is in good condition what can I do to influence the bank to take a real low offer?

Is there a first and second mortgage? If so, you may be able to discount the second enought o make it worth your while. If there is only a first, my guess is that the seller is paying mortgage insurance. If so, the bank is not much inclined to give a substantial discount.

Thank You.

There is only one mortgage!

What is mortgage insurance?

Im taking the bank will not have to discount it too much because the insurance will cover it.
Is that correct?

How do I find out if he has mortgage insurance?

Ask the seller if he/she is paying PMI. It should show up on their monthly statement. If they don’t know, and they often do not, have them call the bank to inquire, or you can get a signed release from them authorizing them to contact the bank on their behalf. You’ll need that anyway of you go the short sale route.

Howdy Certified FMM:

The loans could also be VA or HUD which is to say that the govt insured all or part of the loan to the bank. They both have rules as to how low they will go on a short sale. I have been turned down on several short payoff offers on property I used to own and they were in horrible condition. The banks Realtor did not even want to get out of the car much less go in. They took it back and sold it for less than my offer. There is no second guessing pencil neck bankers.

Thank You both.

I am going to make a low offer and hope the bank will accept it.

I have some low comps, I hope that will help.