Virgin Investor, Subject To, Nebraska - Need Help

[Andrew Brown]

Hope I have a live one here... I'm not sure so I'm asking you all.

I called a seller in my target area today who told me he'll sell his house for what he owes before I even asked.  He bought it almost five years ago for $260k (the NE market has been pretty stable).  He says he put 20% down, owes $195k, but is three months' payments behind.  Company downsizing forced him to take a job out of state. 

He's on a 30 yr fixed mortgage at 4.5%, and said that he's already talked to his lender and they're okay with someone bringing the payments current and taking over the loan. 

There seems to be a decent amount of equity, the financing looks good, and the seller wants out pronto.  Is this a solid base hit for a first deal?

Constructive thoughts and criticism are welcome.  I think I need an "Authorization to Release Information" from his bank and a purchase and sales agreement.  How do I word the purchase price on a Sub-To offer?  How do I best proceed?