Can I make a deal out of this?

[Sean Davis]

Hey everyone!

Here's my issue. I met a seller a couple weeks ago before I had much knowledge about the business. I was interested in wholesaling his house for a small profit or around $4,000. He owes 68k on it and is asking 71k. The house needs a little bit of work... around 5k. It is a 3 bedroom, 1.75 bath with a nice back yard a 40' x 10' shed in the back with electricity. I only have one comparable sadly enough and it is about 103k on a similar home right across the street.

Now that I know a little more, I know that this isnt going to be a home that investors would want simply because his asking price is too high. BUT THE HOUSE IS ABOUT TO FORECLOSE!!! The seller seems to be thinking more about how much it sells for over keeping it from foreclosing... his choice IMO.

My question is... is there anything I can do with this? He seems to be motivated to sell but I think the lowest price he will sell for is 68k. How can I capitalize here? Is it possible? Or do I just have a motivated seller but a bad deal?

Thanks in advance. And please don't say "go read more". I have been readin my butt off... I jus't can't figure this one out simply because I'm not creative in the REI game yet.