Reaching out to pre-foreclosures

[Sheldon Vic]

Hello,

So i've been doing some research and found an upcoming auction about a month away. I have some potential properties that I was interested in pursuing and was considering door-knocking to see if I can come up with a feasible win-win arrangement to purchase the house rather than have them go into foreclosure. 

Is this something that has been done before, and is it at all a successful strategy? If so, what are some arrangements that have been successful/worth mentioning? 

I was considering finding what is owed on the property and cashing out the seller with a severance package. This is considering the numbers all line up. Thanks in advance!

Best,

Sheldon V.