Your best bet is to go to the auction at the courthouse when they have it with your stack of cash. If that is not an option you need to wait until it goes through the foreclosure process and becomes a bank owned property. The bank then gets appraisals and opinions from a Realtor and it will get listed as a bank owned or REO property. THEN you can go see it and make an offer based on the figure the bank has it listed for. It does not matter what the bank is owed, they will list it at todays market value which will be less than what is owed. The bank might accept a little below what they decide to sell it for, so be ready to offer close to it or someone else will because the bank will just wait for a good offer.