AZ - Buying Preforclosure Homes & Bank Approval

[Philip Brown]

My wife and I are getting started in rei in the Phoenix area, and we want to purchase pre-foreclosure homes. In Maricopa county, once a house gets an NOD (known as notice of trustee's sale here), it gets assigned an auction date. We've read/heard some conflicting info and would love to hear from Phoenix-area investors. 1. Are you allowed to approach the homeowners (by call, mail, etc.) if they are issued an NOD? 2. If you connect with the homeowner, does the bank have to approve any deal you make as long as the loan is paid off? Thanks for any insights!