Find ways to help owners get out of a double mortgage

[Jonathan Lane]

Hello World, 

So, I have found a potential solid deal (if all the numbers workout completely) but the owner has a situation and I am working on trying to find that solution.

Problem: The owner wants to sell their home (quickly) but still has a mortgage on it. The offers that are coming in are not enough to pay it off and she wants to make some money in the process. The home needs some tlc from new flooring, half a roof, paint outside and some other cosmetics. I am guessing the homeowner owes pay between 85-95 on the mortgage. The ARV on the home is around 115,000 but potentially can be 120,000.

Question: Has anyone ever been in a situation like the one above? If so, what are some items you did to get the home with low to no money down and fixed it up? What are some creative ways that this deal can possibly happen?  If you use multiple ways how do or should you look at punching in the numbers? 

Thanks 

Jon Lane