New Yellow Letter Lead Question/Potential Deal???

[Myles Ngumezi]

Hey BP! I have a newbie wholesaler's scenario!

So I've been yellow lettering my butt off and I received a somewhat interesting lead. I have PATLive setup so here are some of the criteria from the lead:

- Asking Price (from seller): $75,000 (which I'll obviously talk down!)

- What the seller owes on the house: $51,000

- Payments current or behind? Current

- How quickly he wants to sell? ASAP

- Any repairs? Cosmetic

Now, here's the fuzzy part. 

#1. A house just sold on this man's same street for $35,000, which is what I plan on talking this guy down to (and even below that!)

#2. I'm still a newbie, so how can this deal get worked when the man still owes on the property? If at all?

#3. I actually had another question but I've seemed to have forgotten it. Dang!

Anyway, help! Any answers will help. I plan on calling this man back today. Thanks!