first deal help request

[Alexander Whitlock]

So, this morning I got a lead on a SFR. I found out that it is off market but listed in pre foreclosure. I took a drive over to the property hoping to have a chat with the owner. Maybe work a deal around back payments and mortgage remainder, yada, yada, save her from continuing her foreclosure. I get there and the property is vacant. It is in decent shape though. So I get back and call the mortgage company and they give me an FHA number to call. So it appears that the mortgage company called in the outstanding loan balance to fannie mae. Here is my question. My research indicates that when the owner defaulted on the property, she had roughly 80% equity. Also, it appears that FHA foreclosures seek to recover the lost amounts.

Is it realistic to think that I could submit a cash offer for the 20% remainder tomorrow for this off market foreclosure to help them make good on their initial investment or should I anticipate having to submit an offer closer to 70% ARV?

Also, can you buy FHA foreclosures while they are off market or do I have to wait for them to list it and deal with competitive investors and bargain hunting buyers?

Any advice is appreciated.