First of all, I am assuming you are talking about a Sheriff Sale in Cuyahoga County. It appears that you may have already read the website information: http://sheriff.cuyahogacounty.us/en-US/Terms-Sales.aspx
I cannot stress enough to read this VERY carefully -- and more than once! Note that the 10% deposit must be paid immediately by cash, bank money order, or certified check (obviously can be tricky since you do not know what the end sale price may be if there are others bidding on the property - in all likelihood, you will find yourself bidding against the bank that held the original mortgage note that defaulted).
You have 30 days to close the purchase --- note that there is interest included if the deal cannot close before 8 calendar days on a traditional bank foreclosure or 15 days for a tax foreclosure.
My best suggestion to you would be to contact the lender who did your preapproval and let them know your intentions so there are no snags or issues later for you. Also, have a title company ready as well as a real estate attorney.
Feel free to contact me with any more questions or concerns.
Thank you - Cathy Miller, CDPE, Realtor, RE/MAX Beyond 2000; email@example.com; Cell: (216) 469-7920
Also, you are not allowed in the property until you have a deed in hand, not just confirmation, the actual transferred deed in your name recorded by the county. This means the bank will not be able to send an appraiser inside either, so, do discuss it with the loan company or bank in detail before you dive into a sherriff's auction.
Please feel free to reach out to me at 330-285-4134 or firstname.lastname@example.org
Ajay Mehta. Russell Real Estate Services
If you are interested in a property that you can get for cheap, and have financed... why not look at HUD owned listings that are available for bidding?
All the best,