Rules pertaining to REOs

[David Howlett]

I am following one piece of property in particular. Did some negotiating while it was in short sale but nothing came of it. Now the bank owns it outright, has it listed on MLS and there is a real estate agent assigned to it.

I believe their asking price is rediculous and doubt seriously it will sell.

My question is: What's the best way to keep an eye on this property in case the bank desides to hand it over to a foreclose sale?

Will the bank make some sort of public declaration if it decides to auction the property? Is it possible to monitor that process?

How long before a bank decides it wants to auction the property and the actual day of the auction?

Thanks ahead of time