$650K house in Bowie, MD (DC suburb), no repairs or deficiencies. Seller is behind 2 1/2 months and can’t afford the $4,486 PITI payment. It was listed but didn’t sell (buyer’s market). I got an option on it for $560K which was what the seller assumed would be the payoff. Turns out the actual payoff is $609K. Factoring in closing costs I doubt I could sell this on an option for enough to make any money.
Because she’s almost 3 months behind I figured a short sale would be the only way to go here. I sent her a short sale package today, which includes a sample hardship letter. However I have no idea what my exit strategy would be.
Thanks for the feedback in advance. By the way this will be my first deal. And I’ve never been trained in short sales. If there’s a deal here I’d be more than happy to wholesale this or partner with a more experienced investor, for next to nothing.