Pre-sheriff's sale options?

[Louis Hiza]

Hi all, I recently came across a property that is literally in my parents backyard. It just went into foreclosure and when I called the bank to inquire about it, they said they have no information and to wait for the sheriff's sale. The property is a duplex that would cash flow beautifully and could be managed by my father who is a contractor. I would LOVE to purchase this property, but as I have never participated in a sheriff's sale, I wanted to ask the BP community if there are any ways to gain an upper hand in regards to foreclosures. Is there any way to try and make a deal with the bank pre auction? If not, does anyone have any tips on sheriff sale auctions? Thanks so much! 

[William Hochstedler]

Until it goes to the actual foreclosure sale, it is still owned by the borrower who has power of sale.  You will not be able to discuss anything regarding the loan with the bank without borrower authorization.

You must contact the defaulted owner to do anything prior to the sale.  You can search ownership at the county recorder (or a title company) if you don't already know who it is.

Depending on the situation, you might not need to talk to the bank at all.

Keep us posted.