A strange situation any seen anything like it??

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An owner is working his own short sale with the bank. No big deal right. He had put alot of repair money and other stuff on a credit card hoping to sell the property. Now he hasnt since he was unable to complete the repairs needed to bring it to retail condition. He is behid on payments by 5 months now and heading toward foreclosure. He does have some equity in it and with a short sale deal with the bank will have plenty of equity. Say in the 48K range for a ARV of 155. Now here is the interesting part. In order to pay contractors he used and his CC bill on the repairs dont to the house, he wants to work a deal with the buyer (investor) to off the bank the SS amount and then outside of the sale ask for a promissory note from the buyer in the amount of around 10K. It drops the equity in the deal some but is still enough to make an investor happy. I worked out a deal where I would put the seller and buyer together for a small fee directly with the owner prioor to this development. Now the deal has worked its way to the above mentioned senario. Any thoughts or comments. I know you are going to ask why I havent done all of the typical SS approach but the owner has been very reluctant to give away any control on this deal so i just tried to work a way out that I cold make a little $$ and put him together with a potential buyer.