The lender in turn put the house on the market, usually after many months, the bureaucracy kills me when I think on how slow it takes them to process a house and put it back on the market. I've seen homes stay empty for years before the banks get to them and put them on the market.
Sometimes, depending on the neighborhood, the homes get vandalized because it was empty for a long time. Sometimes not. There is one house in my neighborhood where a buyer died a few days after she bought it but didn't even move in, she didn't have a will or surviving family. It's been empty for about 18 months, but we have a very vigilant HOA and they keep up the yard. Just waiting for it to get listed, whenever they get to it.
So that said, depending on the condition of the house, you will probably need some cash to fix it anyway. There is always the exception.