Short Sale on New(er) Home

[Sean Kirkham]

Hi BP Community, I'm looking for some advice. I've been talking to an individual that is currently going through a rough time and is needing to sell their house, fast. The current balance on the existing, and only, mortgage is $360k. The house is in immaculate condition and the comps in the area go for about $410k. A realtor is putting the house on the market as a short sale next week (he's just waiting on the bank's appraisal). Is it possible to give cash consideration to the current owner and assume the mortgage (they're not getting anything back from a short sale, so seems like a win for them)? Would that even be possible considering the bank is semi-involved already? I was thinking $10k cash, assume the financing, then immediately sell. Are there any other creative ways to make this into a deal? Sorry if the questions are rudimentary, I'm new to this... Feel free to comment or PM me if you have some advice. Thanks in advance! Sean