Help me analyze this deal. How to make it happen!?
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Hello BP folks! I'm looking for advice on a potential deal. I obtained this lead door-knocking a pre-foreclosure. Auction date is 3/26. Owner filed chapter 13. I met with owner today for about 2 hours talking. They just want out of the house and to move into an apartment. The primary lender told them that if/when they get the house under contract, the foreclosure date can be pended. Also - The lender already mentioned a short-sale to them so that seed has been planted. They owe $95k on 1st MTG and another $25k on a 2nd that was placed on the property when they went through a debt re-structuring program. Based on my analysis, my max offer to profit $40k will be only about $105k which is less than the total amount they owe. The ARV was based on comps built within 5 years of subject with +/- 150 sq feet. Most comps are exact same floor plan sold within past 6 months. See image/attachment.
Any advise on how to land this deal without exceeding my maximum offer of $105k given the fact they owe more than that? BTW... this will be my first deal if I can make it happen. Thanks! If I've left out any pertinent info or if you see any obvious errors in my analysis, please tell me!!!!!! Thanks again!