Should I attempt shortsale on condo w/ just one mortgage?

I have a condo owner who refi’d and only has one mortgage.
She has no equity at all and wants to sell bc she’ll soon be behind payments.

I’m also a real estate agent, so I plan to list the condo and work the short sale, but my question is… is there potential in doing a short sale if there is only one mortgage to work with? The mortgage is with country wide.

She owes about $250k, so I’m sure that the condo won’t sell if I list it for about $265k.

You can short sale a single mortgage, but she needs to be behind on her payments for the bank to consider the short sale.