Wow, thanks guys for your expertise. However I'm not exactly sure about the details that your looking for nevertheless here's some more info on the deal.
The homeowner said she and her husband purchased the home in 2002. I don't know what she paid for it though.
Her husband past away in 2005 and now she feels that the house is just too large for her to stay in alone. Her plans is to move into her daughters (soon to be vacant) condo and assume the mortgage there which has about three years worth of payments left on it according to her estimates.
She listed the house with a Realtor (for the second time in two years) about a month ago asking for 189,000. She said she only owes 40,000 on her existing mortgage. I don't have a concrete ARV on her house however the house is in excellent condition and I believe that she got her asking price from her realtor who we know pulled the necessary comps.
When I asked her what she personally thought her house was worth she said she is settling for 189,000 because she knows that she will not get the FMV for it in this current market.
A call from her via one of my business cards asking me would I consider buying her house is how I met her.
Another investor that I met online gave me the suggestion of offering her a owner-finance deal as a second offer if she decided to turn my first all-cash offer down. However he did not give me any details as to how I should structure such a deal.
PS. I got my guestimated ARV from Zillow and the Tax-assessor's public records. I requested comps for her home from the listing agent (via email) but never received a response.
Well sorry about the length of the post guys however I hope this added info help to shed some more light on the subject for you,
Thanks again all, U guys rock!!! Reg. Jr