I would like to offer another suggestion to you. Since the property went to sheriff's sale on December 19, 2008, the owner has 6 months from that date to try to sell the home as a short sale. If you are interested in the property, there is an opportunity for you to get it before the foreclosure is finalized in June. As everyone else has suggested, you should have a Realtor to represent you as your Buyer's agent, to approach the current "owner" and try to negoitate a short sale. This is better for the seller, as they get to keep a foreclosure off their credit report. It is better for the bank to avoid a foreclosure, and it could be better for you. The process of getting a short sale through the bank is better off handled by someone who has experience doing it. So I would definitely find a buyer's agent familiar with short sales, if you decide to go this route.
I would be happy to help you explore this further, if you would like to contact me directly at 734-678-8729.