Help!! Can I Wholesale Quit Claim Deed?

[Demetrus Gibson]

Hey Guys,

A rehabber called my bandit sign and asked me if I was interested in a house that he had.
This house is one that he acquired for about 3500 at an auction after paying back taxes of about a 1000. He mention that he just need 4500.

Now... he states that the house went into foreclosure and the bank that was responsible for it went out of business. He says that there has not been bank to take over of the lien. If there is, he cant locate them.

He asked me if wanted to acquire it through a Quit Claim deed.

So what kind of deal is this?
Can I put under contract and assign?
How should I go about it?

Thanks for your input
Demetrus