FORECLOSURE AUCTION QUESTION

[Andrew Kala]

Hey guys, I am getting into foreclosure investing and have a couple questions since going through almost 500 listings from my county clerks website.

1) Is it even possible to strike a deal with the homeowner before the house goes to auction if it has ALREADY been scheduled an auction date? I was informed that this is not possibe, and once date is set that the homeowner now has virtually no power.

2) I only wrote down the leads where the upset amount was significantly lower than the estimated market value for the properties. There are tons of properties where the upset value is significantly higher than the market value. This is y question. When doing research I found that the upset value is what the bank is owed, and that this will be the starting bid at the auction. How do the banks think that anyone will bid if the starting bid (upset value) is much higher than the market value for the property?? 

This does not make sense??

If this is not the case, please inform me as I cannot seem to get a straight answer to these two questions?

Thanks guys.