Don't know what to do...Here's the situation....

[Matthew T.]

Hello everybody! I have a situation here where I'm confused on where to start. Maybe somebody can analyze the situation and give me some advice on where to start. Here goes the situation:

A motivated seller called me from one of my advertisements. He is an absentee owner (out of state) who has a property in another state (the state I'm in now). The house is worth around $202,000 and in pretty decent shape, no major repairs are needed. It's a pretty big house around 2,500 sq ft 3BD & 3BA in a good neighborhood. He said the house is about to go into foreclosure so it's like in pre-foreclosure status I believe. He filed for bankruptcy in February 2012 and the debt for the property has been discharged in the bankruptcy filing. He said the bank owns the property now. He said he is interested in selling the property but since I'm not familiar with this kind of situation, I'm not sure on where to start. He said I could talk with the bank and maybe negotiate a deal or something or wait until it goes into foreclosure. How would you turn this situation into a profit? What should I offer? Could I wholesale it, etc.?

Any help would be greatly appreciated! Thanks for reading!