Need some advice

[Fong Lor]

I came across an owner who wants to sell his home. He still owes the bank around $27,000; he wants to sell it at $27,000 so he can settle his loan. His house has been vacant for a year now. He pays around $360/month (includes taxes and insurance); The house needs about $3,000 worth of work and remodeling. 

What would be the best way to settle this and get it under contract without losing on this deal? Would taking over his loan be an option? How would that work?

Need some advice.

Thanks