Best course of action

[Sajun Folsom]

I recently found a property in my town that is in pre foreclosure. The original loan was for $40,000 and and the property should be worth around $200,000 now. According to the county Assessor’s website the title looks clear and they owe $700 in property taxes. What would be the best thing for me to do to try and buy this house and what should my expectations be? Should I reach out directly to the home owner and offer to buy it? Should I look into a short sale when it will appraise so much higher than the original loan amount? What other do diligence might I be missing? Any advice would help, this could be my first deal! Thanks!