Whether you are personally facing foreclosure, or a friend is, you need accurate and complete information and a central location to return with any follow-on questions.
The following highly informative website defines and details the Non-Judicial Foreclosure Process step-by-step which you can find here: http://tinyurl.com/3bzcw5a
Best Regards, -Steve
The Bank posts notices in the Newspaper and through the Recorder's Office, that the house will be sold on such-and-such a date.
Usually the Lender ends up with it; if someone bids on it, the Bank will usually bid higher to protect their interests.
If you are interested, you would probably do better to wait for the REO sale; have your Realtor keep and eye out for the LISTING.