It sounds like the foreclosure process has not been completed. The process can take anywhere from 12-18 months. The seller has the right to redeem the loan until the gavel falls at auction. So until the auction is completed and the foreclopsure process is completed, the bank does not actually have the legal right to sell the property. They sort of sit in "limbo" for a period. If this is the case, your only option would be to buy direct from the seller who stillowns the property until the foreclosure is completed.
Town & Country REALTORS
1162 Union Street
Bangor, ME 04401
Sounds like your offer may be too low.
The "investor" that actually owns the mortgagen will do their due diligence as far as value and hire an appraisal. Based on that appraisal your offer was rejected.
Once it goes through the foreclosure process and the lender takes ownership it will then be re-listed (probably above what you offered) and then you will be in a bidding battle with other investors.
So I recommend that you re-evaluate your offer...otherwise you may have to pay more in the future when you are in a bidding war.