How should I structure this MLS deal.

[Geoffrey Jones]

Owner wants to get out of subject property.

• Owner signs a P&S agreement with me for 160,000 but is still flexible on price
• Owner owes 181,000 to his mortgage.
• Property is worth 210,000 ARV I have 3 comps in the same neighborhood showing this.
• Property is listed with an agent off the MLS
• Willing to do a Subject to

Not sure what to do in this case. Should I buy the property subject to existing mortgage. If so what do I do about the realtors fee.

Is there any way to buy the property a lower price than the mortgage. If so how can I get the lender to forgive the amount deficit.

Owner does not seem to be distressed as he is not late with any payments on his mortgage so I'm not sure a short-sale would work. I may be wrong.

Please help this fellow investor out.