Strategies to pursue a Foreclosure

[Joe Finnegan]

There is a property about 2 blocks from me that is scheduled to be auctioned next Wed. Land records indicate that ~$280K is owed. I estimate as-is value $500K - $575K depending on the interior. ARV is probably ~$650.

Given the current circumstances, how would you go after this property? Talk to the bank now? Wait for it to become a REO?

Edit: Countrywide is the Lienholder. Seems strange to see a forclosure on a house that isn't upside down.