Need advice on buying

[Jeff Gebhart]

We have always bought our properties that are REO, Auction or through Realtors. We have someone that is running behind on their mortgage payments and wants out. Bank is threatening foreclosure with her but have not processed it. They would be willing to sell for what they owe on their house. We would be willing to buy for that amount. We know this market very well. Do we mess around and try to do a short sale with the bank or would that possibly cause this thing to go longer? What do I need to know going into something like this? Thanks!