Preforeclosure - Flip Opportunity

[Kimberly Carlson]

Hi. I'm a newbie from Chicago (western suburbs). I have a friend whose home will go to auction on the 30th. It has been neglected, has been sitting vacant for over a year, has some cosmetic issues and is the ugly house in the neighborhood. I am interested in flipping or rehabbing to buy and hold. It needs some serious TLC but is in a great neighborhood with good schools... a little lipstick will go a long way.

She is underwater and emotionally disconnected...but still the owner on record. This would be my first flip so I need to partner up, do my homework, get a clear financial analysis, I get that. But timing is critical and the preliminary numbers look good.

I have tried to reach the attorney handling and the bank but no one wants to talk to me...the process is pretty far along.

Do you recommend I wait to attend the auction to get a contact and hope no one bids?! (The judgment amount is very high.) Or somehow attempt to get the foreclosure delayed (with her assistance) until I get a few ducks in order?

Thanks in advance for your advice and to BP for providing such a wealth of knowledge and experience for creepers like me. :)