Got my first deal in work, but need some help closing it

[Jonathan Kulak]

I'd love to hear any ideas, suggestions, and direction from all the experienced pre-foreclosure investors out there regarding my first deal which is in work. I'm really excited about it and know I can close this deal. Thank you for your time and help in advance!

Story: I found this property by researching back owed property taxes. The owner has two homes, 1 condo and 1 primary home. He owes back taxes on his condo, but in my research I found that his primary home just had a final judgement issued on it at the beginning of Oct. The primary home is to be auctioned on 30 Jan 14 with a final judgement of $216K. He also has a junior lien for a HELOC but I don't know how much he used or didn't use. The house is custom built and amazing with all the upgrades out there. It's fair market would range anywhere from $350K-$425K. I left a note for the owner and he contacted me 3hrs later. From all my research and speaking with him, they are an older couple who is in a very tough situation and is very motivated to get out of it. I am meeting with him this Sunday (11/3) to see the house and learn more about his situation so I can try to find a solution to his problem that is a win for both of us.

My plan: I will build a relationship and learn more about their situation while be compassionate and not just trying to get his home. While learning more, I'll have him give me a tour of the house so I can take some pictures and gather some numbers. I also need to determine if he has any additional liens and how much the junior lien for the HELOC is worth. Once I've got all the info I can, I'll make an offer either that day or the next day. I'd then ask them to sign an authorization to release so I could start contacting their lenders to gather info. I have a cash buyer and also a hard money lender ready to act if I can solve their problems and get the house under contract.

Questions:

1) How does the deal sound and my plan?

2) How much power would the junior lien have over the sale and should I be concerned about their interest?

3) If the junior lien holder has to be satisfied could I work a reduction or possibly transfer the lien to their condo? What options are out there? (The condo will be becoming their primary home after they lose or sell the big house)

4) Should I make an offer at our first meeting or get back to them? What options can I present to them to solve their problem? I'd love to get the home for just the final judgement of $216+interest and help them by paying off their back due property taxes on the condo.

5) What am I not thinking of or could do better?