Heidi,
Assuming you are not talking about an auction, the answer is no. While that may be the balance or payoff for the home, the bank expects to get market value or near market value for the home. So, when a home is listed as a short sale or is foreclosed the bank will be sure to get as much as possible for the home. For a short sale this is accomplished by the bank ordering a Broker's Price Opinion (BPO) when an offer is sent to the bank. For a foreclosed home the bank usually does an appraisal before they put the property on the market. Although I have recently seen overpriced bank owned homes, which is a mystery to me.

Best of luck!
Trey Miller
Prudential Tropical Realty

Heidi - the answer depends on 2 things. (1) What stage of "in foreclosure" is it in and (2) what your states rules are when it comes to foreclosures.

Is the property showing up in a newspaper as going to be sold on the courthouse steps on a certain date? If so, you can show up and bid on it - but you will have to have a certain % downpayment and come up with the rest within a certain number of days. Also, if people are living in the home, you will have to handle the eviction per your state or county rules. If the home has already gone through foreclosure and is now owned by the bank (or lender), they have already set a price on it and you can make an offer just like any other home.

Check with a LOCAL Realtor or attorney.