Short Sale Potential?

[Dan Costantino]

I found a seller that is looking to sell her parents' home.  Here is what I know:

They owe $125k in principal (1st position...no 2nd's to my knowledge)

They owe $19k in back escrow

They haven't paid since February 2015

Wells Fargo is the bank and the interest rate is roughly 8.9%

ARV is $250k+ (Fantastic neighborhood and school district)

It needs everything...easily a $100k rehab

I would need to buy this for $85k roughly.

I started the process of one short sale and the seller got cold feet.  It was going to be listed and I wasn't even sure I was going to get the property.

I've heard of taking the property Sub 2 so you have control, but that mentor also said that you shouldn't count on discounting a 1st lien.  

****If you've successfully purchased a short sale before, can you let me know if this may be worth the effort?  My thought is to let an agent do the work for me.  

Thanks!