Discount Cash Offer w/ Mortgage Balance
What happens when you offer a discounted cash offer but a balance still remains on the mortgage? Is that even possible? For example, you have a motivated seller that owes $110K on the home. He needs to sell because can't afford payments, had a lot of bad things happen during the year (in the house), and has found a job out of state to get away/start over and just wants out (whatever the reason, he is motivated). A fair offer due to market value and repairs ends up being $90K (leaving a $20K difference). The seller is motivated enough to carry the $20K, but can the owner/seller accept this offer? What would it look like? Does this ever really happen? Is this even a real deal?
Just trying to work out offers/deal strategies and don't want to miss any that could be viable possibilities. Thanks in advance...