Subject to Deal -- Need Help!

[Matt Rathburn]

I think I've found a home where I could employ an effective subject to deal. It's a 3 bed/1.5 bath home, with an in law suite with it's own 1 bed 1 bath kitchen setup. It sits on 3.5 acres and it has an in ground pool in great condition as well as a small horse stable. 
 

The ARV is approximately 200k. The sellers currently owe a total of 128,500 on 2 mortgages (1st and 2nd), with a combined monthly PITI payment of 1150. They are in a rush to move out as they can no longer afford the payment. Payments are current. I have told them numerous times it would be in their best interest to list the property with an agent in order to receive the full amount for their equity. They do not want to do that, they want this home off their hands so they can get out of the payments and move closer to family. They have verbally agreed to sell me the home subject to with me taking over the mortgage payments of 1155 as well as $20,000 down at closing. Which would make the total purchase price of the home right around 148,000. The home needs about $5,000 worth of repairs, including an AC repair and some flooring and minor repairs and cleanup. Both loans are with Wells Fargo, the second was a modified loan, the seller had applied for the Home Affordability Act. The fist mortgage is 4% interest and the second is at 2%.

Here are my questions: 1. If I do this deal, can I then turn around and place it on the MLS with a real estate agent? If so, how would the sale occur? It seems most people who use this strategy use owner financing to sell.

2. Is a purchase and sales agreement enough here? I found a good one from Ron Legrand that I would use initially and then have the title company look it over and or update it before closing. 

3. Do I have to notify Wells Fargo of our plans to pay for the Mortgage or do we just move forward and I begin paying them? 

I really want to do this deal. My favorite saying is progress not perfection, as it reminds me to take action and get the deal done as opposed to getting bogged down in the details and overthinking things. But these 3 questions have evaded me. Any thoughts or help would be appreciated!!! 

Matt