Help please:-) New wholesaler w foreclosure questions

[Andrea Y Bryant]

I am a new wholesaler....I've flipped and purchased buy and holds, but new to wholesaling. I sent a woman a postcard in my neighborhood since I noticed that the house needed love. She contacted me just now and said that she'd love to sell me the house, but I am not sure where to go from here or  if I even WANT to go from here. Please help!

Loan Balance: 140k

ARV: 240k

Repairs: Less than 50k

Behind in payments: 9 years. She's been paying a lawyer to help her stay in the house and I guess it worked. She has also filed Chapter 7 Bankrupcy. 

Bank tells her that the total she owes including arrearages is $285k. She's like to do a short sale, before the sale date of May 7 (Yes this Tuesday!)  She'd rather sell it to someone and make nothing than give it back to the bank (bitter towards the bank). Bank also told her all of those arrearages will be waived. I didn't know that was possible?  

Please advise....