If you are simply standing by, waiting for the home to be foreclosed upon, there is a better way. You can pursue a short sale with the current owner and negotiate with the bank through the owners. It is far cheaper in most cases for the home to be sold short than it is for the bank to run through foreclosure. In some cases it can take up to four months to get the bank to approve it, but you may end up with a great price.
I need some clarification, before I can answer your question. Do you have a Purchase Agreement pending on a home that has gone into foreclosure, or are you planning on bidding on the home at Sheriff''s sale, or are you planning on offering to purchase the home from the bank if the bank acquires the home through the Sherrif's sale?
Keller Williams Greater Cleveland West