possible short sale deal??

I think that I may actually have my first deal here?? I had a woman come to me saying that she just wants me to take her house off of her back. She is behind on her payments but the bank has not started the forclosure process yet. She can not afford to make the payments and niether can I. She has contacted the bank and asked them what is the lowest the would except if she were to list it with a realitor and the did cut her a break.
OK, let me explain what she has going on. The house is in a very nice area, but it is a little run down and could use some work. She owes $300K and is approximatly $17K behind in payments including late charges, so I would say about 6 months behind. The bank said the lowest they would except is $280K. I pulled some comps for the property and they came back at around $340K- $355K. So it seems as if there may be some hidden equity if I can get the bank to lower the payoff to about $240K. I hope I am on the right track here, I am new and just learning so take it easy on me !!! The property needs some minor work on the inside like paint and some new fixtures. Also some updating would not hurt. The outside could also use some work (roof, windows, some siding touch ups) I would estimate the fixens at about $20K-$25K tops.
OK, this is where I get stuck I have no idea what to do. She will give me the property right now, I mean sign it over asap. I told her to be patient as I need to do some more research. I want to flip this out of my hands quick??? Wholesale, Short Sale? I have no idea. I do know that I should probable contact her bank with a short sale package to see if they will lower that price??? Let me know what you guys think!!!
New guy :shocked

I wish I had the answer you need. I too am looking for the same kind of advice. I have a few clients who want me to take the property off their hands.

All I know is that you have to somehow make yourself a principle on the title and do a simultaneous closing with two seperate escrows, where in one escrow you are the buyer and the other you are the seller . They are suppose to close at the same time.

Again, I am no expert at this, this is what I understand to be the roundabout process.

If there is anyone out there that can help. I would be very appreciative and would even be willing to pay for your time to see it actually done from start to finish.

I hope this helps captainwuzhere.