Call me. If you give me the address of the home, I can tell you what is owed to the bank by the county records. This will help tell you if you are in fact getting a "good deal". The seller may owe a lot less than they are telling you so that they can pocket some money. As I have said with some of your other questions, you really need to be talking to a real estate agent.
Good luck and let us know what happens. When we post to one of these questions it sends us email for follow-up answers.
There is nothing to indicate that $640,000 will be the bid amount. It does say that the Deed of Trust was originally for $640,000. and you may be able to buy said property for such. But I think it more directed at the person who is being foreclosed on. There has to be more to it also, due to the fact it really means nothing in and of itself.
What else can you tell us?