Options Prior to Foreclosure Auction

[Chris Cleveland]

So... House in the country near my parents is vacant and has been for several months. I would really like to get a hold of it because it is a nice 10 acre plot. I have done the research and it was scheduled for auction on the 6th... don't know why but it was rescheduled for the 3rd next month. I called the REO trustee and they confirmed the rescehduling and said I needed to call the bank directly for more info. I got a reply from the bank via email stating the following;

"Thank you for contacting Altisource® Residential Reo.

Please be advised that this has not boarded our system yet so we cannot determine your options at the moment. It is still best to wait till it is marketed in Hubzu.com. Kindly check the website periodically for the availability."

Referencing my understanding of the process, which is probably misguided, its very possible that the owner has simply vacated the property but that it is not fully foreclosed on yet correct?   In this case the deed and ownership of the property is still with the owner and not the bank correct?    If this is the case then there are several options available that I could use to possibly get this property am I right?  I know subject to would be an option if the balance is reasonable and the cost to bring current is reasonable.   I know short sale would be an option but I am not sure how that works.  Can anyone explain that to me ?  Are there any other options that I am overlooking?

Obviously to do these options I will have to track down the owner, I am already on top of that.