Is this possible?

[Laurie Harris]

Can someone tell me whether this will work? An owner is upside down. She owes $93 but she has already gotten approval from her bank CEO to sell the house for less and do a personal loan for her for the remainder of the balance. She agrees to let me do it for $59.4. ARV is $85K. Is this possible as long as I have a letter attached with my packet from the bank assuring the buyer when marketing this house. I understand that this is considered a short sale but not sure if this is a no go. This would be my first deal so I don't want to get into something that won't work. Someone help me think through this.