Creative Solution Needed

[Robert T.]

Hey ladies and gentlemen, I dont post much but stay active on the site and podcasts.  Love all the ideas and info that moves so freely.  I found myself in a situation that I'm hoping you can help me out with.  so..

Ive worked hard, and lived out of town for 6-7 years.  Finally got the opportunity to move back home and work locally, that means possibly moving back in with the parents as the markets so hot and things are moving so fast so ill be able to save some money and not rush into anything.  However I get a inside line on a waterfront house (I have a boat and grew up on the water so I love it) thats not on the market yet.  Its owner is a third generation family friend.  So the house has been paid off for quite some time, and has stunning views and waterfront access.  Smaller house, 1 car garage, semi updated, needs new windows, ac unit, carpet upstairs id put wood that matches the downstairs.  It's also a older house 1940's so its plaster and not drywall and shows some signs of settling.  

Bottom line is, I love it, the view, the water access, location to family and friends.  

Originally asking 300k, then 290k; the house currently sits vacant as the owner has moved, but the house is still in his older moms name.  The neighbor, also a family friend, said "I'm not buying the house for anything less than 250k, which makes me think the neighbor and him have had them talks and thats his preemptive bottom line.  

I have excellent credit, make about 75k/year with no OT, no other debt than my truck payment, and I have about 50k to put down.  

My question is;  all things considered, are there any creative solutions to get the house cheaper, not using a real estate agent, tax advantages, any incentive I can give the seller to sell a little cheaper than he wants that looks attractive, but benefits both of us.  

I feel like its a lot of house to consider myself, but theres only about 7 homes on this stretch of waterfront, without knowing the area, I'm telling you wonderful people on BP, the opportunity probably does not come up again for a long time to buy a house like this as stated earlier most of these homes stay in the family or get sold without hitting the market.  

Thanks in advance!!