Short Sale in foreclosure process

[Dan Baker]

OK, so approximately a year ago I made an offer on a short sale, agreed upon a price with the home owner and the bank accepted the offer. A week before closing a significant amount of structural damage was discovered. I got several estimates however the bank refused to renegotiate and the deal ultimately fell through. Now about 14 months after the intial offer the property is still listed as a short sale and I've been told the foreclosure process will begin shortly. I feel like the house has huge potential for multiple reasons, and I also know the appraisal value and the cost of the renovations. With the foreclosure now pending does anyone have any advice on how I can swoop in and get this property? Anyway to get in before the official foreclosure? Or do I just have to sit and wait for this to go through the foreclosure process?

Thanks for any advice,