Question About Placing Home Under Contract

[Alex Jefferson]

Hey everybody, I hope your having a good start of the new year so far. If not I'm sure it will get better for you.

I have a question in regards to placing a home under contract. Say you place a home under contract but the owner still owes money on the home to the bank? For example, say you place a home under contract that's worth 300K for 160K but the owner owes say 100K to the bank. How would you go about placing that home under contract? Would I have to negotiate with the bank they owe the money to? Is it even worth pursuing?

How has everybody here handled these type of situations? What amount is to much for us to walk away from the deal? This is my last question (hurdle) before I actually start my marketing plan next week.

As always thanks for the help.