Negotiating Down to what the Property is Worth.

[Jeremy Aldridge]

I found a property that needs a decent amount of work but if I get the property for $34k the ARV is $120k-$125. The problem is the current owner stills owes $55k on the current mortgage, and is asking for payoff and won't hear any offer under that amount. any ideas on how I can get the owner to go for my offer? Property isn't worth $55k in its current condition. I am using a hard money leader. Any thoughts would be much appreciated.