ANSENTEE OWNER LETTERS WORK! Get them out! Talk about a discount!

I am here to tell you that the videos you see and the stories you see out here about buying houses for pennies on the dollar are true. Do they happen all the time, NO! Will everyone have one of these ever, not sure. But it can happen to you, just as it is about to happen to me. I am about to drive 2 hours to have an absentee owner sign a purchase contract on a house here in my city. He is an older gentleman that answered my letter, his granddaughter hosed him over and left him with the mortgage along with his own two hours away on a fixed income. He turned the house here into the bank but then got my letter and called me. He agreed to try to get the bank to talk to me. He owes $75k, so he called and told them about me possible wanting to buy the house, they sent him a letter to settle the lien/loan, they are asking for $11,257 to close it out. He called me and told me if I can come up with that I can have it. I told him I would give him $14k so that would take care of the 2012 taxes and any closing fees. FMV is $90k! We are trying to get some buy and holds so this one is perfect, it will rent for $800 a month, we need to put about $5k into it and its ready to roll. We hope to refi with a bank for $40k, if that works out, we'll be putting $20k into our pockets and will have a nice positive cash flow also!