Need FSBO Advise

Hi DG Members...

Hope your having a Great Memorial Day Weekend!!!
This is an updated post to an earlier post I put in the question section...But it was buried on page 70 and I wasn't getting any response...I'm sorry if you have seen most of this before...

I'm Ted Peterson and yes I'm very new...I have spent the better part of the last week immersing myself in Deans Books (Finished PFRE Right Now, Half way through Your Town), Spending hours here and on other websites (Biggerpockets, CraigsList, ForSaleByOwner, and Many Others)...Its safe to say I'm a little obsessed...

I'm the kind of guy that tends to jump into things...I placed some ads on Craigslist, Set up Google alterts for FSBO's, and start researching different properties (trying to figure out comps & FMV)...

Found some decent Foreclosures but need more info...Decided to reach out to my local Bank President...Gave him a call...He recommended a local RE Agent...So I called him...We talked about the Foreclosures...I sent him the links that I had for the properties and he said he would look into them...He recommended a Mortgage Broker saying I would need Pre-qual Letter (never heard of it, but I know what it is now)...

My original plan was to copy Greg Murphy's system with Foreclosure-Lease with Option...Then I thought, I'm probably not experienced enough yet to try that on a first deal...So I decided to focus on FSBO and Assigning...

Then I got a email with a link to a listing on Craigslist (via Google alert)...There was a guy looking for a house to rent...He was very specific as to what he wanted and could afford ($1750 month)...I thought to myself, I'm going to find his house...

I spent hours looking a FSBO's and finally found one in the area he wants to relocate that meets his specifications...

I spent most of the day looking at everything I could find on this house...Trying to do the comps, coming up with FMV, Taxes, etc...When I exhausted the internet for info. ( or myself not sure) I contacted the seller...

A man answered and at first he was reluctant to talk with me because his wife was handling the sale...I told him I understood and gave him my name and number...Then he asked how I found the listing...And suddenly we were off to the races...I couldn't write fast enough!

There were a few things he didn't know because his wife was handling the sale (yearly taxes, when it was last appraised, how flexible his wife was with price)

But I learned a few things too...I told him he had a fantastic home, may I ask why your selling...

He said they were relocating to SC to be closer to family...

The house has a in-law set up with separate utilities...

He confirmed that they were asking 319 K(lowered from first listing) for the house (just for clarification: 4 BD/3 BR 1790 SQ. FT. on 7 acre lot)

He also told me that the mortgage was free and clear...

He is motivated to sell but not what I would call HIGHLY motivated (they originally list the house 2 years ago with RE Agency)...They plan to use money from the sale to buy a new home in SC or FL...

One last thing...According to all the comps research I did FMV should be in the ballpark of $275 K...

OK...Here are the questions...

1. I mention the Realtor I was introduced to...Would it be ok to ask him to do the comps? Should I plan on paying him something at the close?

2. The seller asking price of $319 K is quite a bit higher than my best FMV of 275 K...How should I approach this? I'm guessing that they don't realize what the FMV is?

3. Originally I was hoping to do a lease with option to buy but not sure I can still make something like that work...I was planning to rent it to the buyer I mentioned above...I'm pretty sure they want the cash from the sale to buy home in SC...Is there a way that I could still make this option work? ie. Hard Cash Lender? Any Other ideas?

4. Unless I'm way off base the seller would have to come down alot from their asking price to make assigning the buy deal work for all parties...Based on the above figures, with a 30% off FMV for the buyer on the high side it comes out to $195,000...That's $124,000 less than their asking price...Is this still a good deal to pursue???

5. I was told that in CT you have to wait 90 days before you can do a resell...Does anyone know if this applies to refinancing???

I'm sorry this is so long...But I thank all of you for reading and your feedback and ideas...It means alot to me...

I'm pretty sure that I'm still going to pursue it at least until they say that their not interested...I'm just looking for the best ways to pursue it...

Thanks again...

Ted