Bank Has Acquired Property; What Happens Next?

[Felix Sharpe]

Hello BP,

The questions are ultimately, (1) how do I attempt to acquire this property and (2) what will bank do next? For background, I came across some tall grass on a property that would do well as student rental. It's right next to a law school and a community college, in addition to being walking distance from downtown and the night life. I reached out to the property owner and was advised that they were deeding the house to the bank in lieu of foreclosure. The owner put the property up for sale for maybe a year, but just sat on the market, so it was deeded to the bank.

The bank acquired the property in November for about $120,000 in an area where I'm not sure if its worth $80,000 (which is probably why it didn't sell). So I'm trying to figure out, how I could take this property off the bank's hands. The bank has not yet put it back up on the market. My instincts tell me write the bank a letter, just as I have with other neglected properties. 

Anyway, any suggestions on what you think I should do would be greatly appreciated.

Thanks,

Felix