Help a New Investor!

[Christopher Tyler Hughes]

Hey everyone!

I found a potential hot deal from my marketing efforts on a property, but I have some questions on how I should proceed. Here is the situation:

The seller had relocated for a job out of state and wants to get out of paying two mortgages. He had listed the property a year ago with a realtor and had no luck (priced it high), and now he is just ready to get out of what he owes.

I had to offer significantly less that what he owed (around 15K less), and he is considering my offer right now. I'm not sure if a short sale is possible, because he probably will not be able to show any kind of hardship. He makes great money, and there is a ton of equity in the house. How would the process go if my offer was accepted?

The thought of taking over payments also crossed my mind, but it makes the deal less attractive. I've also done some reading on how that process can be a pain. What are the pros and cons of this? Any input will be appreciated!