Your best shot is to submit an offer prior to the foreclosure sale. That being said, the best way for the sale to be stopped by the seller is to apply for a loan modification and that gives the buyer 30 days in which to get the contract in place. I have stopped Sherrif Sales even after the filings because I knew the stats for the neighborhood and the bank doesn't want to hold a property for two years! They just don't. So, if the price is right, you are pre-approved, the listing agent gets the packet in and the loan modification has already been applied for, it can be done and go to close.

I had one three days before the Sheriff Sale in Skokie. The listing agent came to me because he was over his head and it was his daughter's home. I did a CMA, looked at the value to get a contract within 24 hours (and it is not the 50% of the loan gimick, btw). I called the bank, told them I had a contract and asked them if they would consider it with the raw data on their holding time. They took the contract before the short sale package was approved! It was done in reverse but the bank saw my arguments and the Sheriff Sale was stopped.

The banks will work with homesellers when the property is set to go to auction if the homeowner is occupying the property as their primary residence. If it is an investment property, that is a whole other ball game and a different field.

Hope this helps you.

Barb Van Stensel
Keller Williams LIncoln Square
2156 W. Montrose
Chicago, IL 60618

Auctions that actually end in a sale tend to do very well for the seller. You could stand to come out on top with a short sale. I say go for it; don't let it go to auction.

Roger, You can buy a house on a short sale until the day the foreclosure is filed at the county courthouse. If you find an agent who is certified to do short sales, they will be much more effective. they will have contact information and will know what the most effecive system is. I suggest you go for the short sale. I have been able to discussed a possible short sale on the late afternoon before the filing, scheduled for the next morning. Key is being able to get to the right person and knowing what qualifies a seller for a short sale. Your agent can determine this by speaking with the listing agent. Check out the web site. It will give you a lot of information.

First off, do you know if the Auction is 'absolute' or not? Most Auctions are semi frauds. The purpose is to get people like you excited about them and over bid. Many properties fail at the Auction and just come back on the MLS.
2nd, If the property is set to go to Auction you cannot write an offer on it as a short sale. It will be ignored. Also, all Auctions I am aware of are already foreclosures so the short sale option does not exist.
If you want to tell me some details, perhaps I could give you more specific advice.

philip