Creative Financing Ideas for a GREAT Deal! HELP!

[Justin Koopmans]

Hello everyone!

My wife and I have been looking for our first RE purchase for a little while now. But we come from a background of investors so we haven't been looking for that "perfect home," we're looking for the perfect investment that can double as a home. 

Anyways, I think we've found it. 

Get this:

Asking price $120k

Repairs: $20k-$30k

ARV: $220k-$250k

Now, here's the issue. We don't have $120k cash, and the home needs some minor repairs before it is lendable (probably around $7k), and it's a foreclosure and they will MOST LIKELY not do any repairs before closing (they're looking for cash buyers obviously). 

It's been on the market for 2 days and the seller's agent expects multiple offers very soon. 

The way I see it, here's my options. I'd love feedback on my ideas and if anyone has any ideas of their own please chime in!

Option 1) Offer significantly higher with a conventional loan and hope they go for it over a cash offer.

Option 2) Do a 203k loan (which I'm positive they will just ignore)

Option 3) Hard money loan so we can play with the cash guys...? Which I would repay with a Home Equity Line within a month after purchase, or with a traditional mortgage within 6 months... But all the hard money companies I've seen will not loan on primary residences.. Does anyone know of a company (or individual) who would do otherwise for a great deal and someone who has great credit and which would be repaid very quickly??

Let me know your thoughts on these ideas and if you have any others. Thanks!