I missed your original email but would like to ask if you have found a home to purchase? If not, and are not already working with an Agent I would be happy to help you make that purchase. I live and work in the Mayer area and am very familiar with the homes here.
928-713-4825 Home Office
Bank of America and most banks prefer to sell through the auction to get the best price and stay in compliance with the default with the owner of the home. When you say "full price" what are you referring to? A price has not been set. If the bank does not get their silent reserve they will take the home back after the auction and usually list with their Realtor. Also, the home is still owned by the owner and not the bank before the auction. The owner has the opportunity to get current on their home before the auction. The home is not the bank's to sell before the auction in a typical situation.
This way they (the bank) feel like they receive 'full market exposure' for their foreclosed home and IF that area is an 'accelerating market' as it is here in Phoenix at the moment, there will likely be a bidding war between multiple buyers which will drive the price up way over the list price.
The bank does some research prior to listing the home (at least one appraisal and their agent's evaluations, called a BPO) to determine the current market conditions and at what price to list it. They have a 'target' price in mind and would love to exceed that amount if possible.
I hope that helps!
Realty ONE Group
Licensed Agent Realtor, SFR, 203k Specialist
Keller Williams Realty Syracuse
6872 East Genesee St
Fayetteville, NY 13066