Need help hit this possible short sale.

A gentleman in my neighborhood is going to forclosure on Jan. 19, 2007. His agent contacted me. She said I could call him and strike a deal.
He owns a 3 bedroom 2000 square foot condo that was built in 2004. He worked for the builder and lost his job. He wants to break even and just be done with the house. He owes 334,000 on it. The same model sold for 350,000 up the street. What could I do with this deal if anything. One agent told me to make him a low offer and let him take the hit if any, What could I offer him realistically. Could I buy it low and then lease option or rent it back to him? If he sold the house to me hypothetically for 290 k or 300k what would happen to the money he still owes or lost? He would have to figure out something I am assuming?

Snay insight is useful

The Agent should not have waited this long to contact you, but that’s another discussion.

Recommendation: I would get an Authorization to Release Information Form from the owner as well as a hardship letter ASAP. Try to reach a live person in the Loss Mitigation Dept. and get this info to them. Tell them that you want to buy the property via SS and you need them to postpone the foreclosure so you can get the paperwork in.

Alternative: If the numbers work & there’s no Title issues, buy it for cash for what he owes & close before the auction happens. That would mean that the bank needs to receive the certified funds before the auction time & have it logged into their system.

Thanks for your insight.