I have a potential deal... How do I acquire this one??

[Grant Pope]

Hello all!

I am a big letter writer. I am always out and about writing down addresses and sending letters. Just waiting for someone to respond. I have gotten a few responses and it is always interesting where things go. 

I got a response from a potential seller in an interesting situation and I am looking for some advice. The seller has a property that they no longer live in. I am in talks with their power of attorney because the owner has some major health issues they are battling. The property they have has major issues and needs a good fixing. With $30K and some sweat equity, this place could easily sell for $150K - $165K. The owners are extremely eager to find a solution to their problem. They have already contacted the bank informing them they are planning to go into foreclosure. They owe $110,000 on the property. I told them I am a cash buyer and interested in purchasing the property. But the amount they owe is a little too much to pay. The owners would love to work with me to find a solution to their problem, but they are not sure how to accomplish this. The mortgage is done through Wells Fargo. I have read a little bit about short sales, but talked to my local banker and he told me that there is NO WAY Wells Fargo will settle for a short sale even if they take a loss. They are so big that they have their systems that they go through basically regardless.

Here is my dilemma. I have a potential deal, with no competition, but how do I close it? Looking for some advice.

Appreciate all the help.