Wholesaling Pre-Foreclosures

[Ricardo Olea]

Hey BP Family,

Questions that's been rattling my brain. Is a "pre-foreclosure" a done deal as far as trying to buy it from the owner? Would the bank already have the right to the property?

Example: (actual property)

Auction date set for 08/22/16

Opening Bid: $388K

Loan Balance: $388K

Property Value: $707K

If I approach the owner and lock on a deal for $388K or more before the auction date will I be able to assign it?

Really appreciate any feedback.

Thanks,

Ricardo