Shoulld the property every make it to the auction, you could go to the courthouse steps to participate if you are willing to pay cash and will take the property sight unseen in "as-is" condition. Heck, if I could get a home for $500,000 under value, I'd be waiting on those courthouse steps every week too.
You will get a lot of responses from people asking you to look at homes with them. If the home was "sold" at public auction by the bank at $69,000, there is no way it will sell for that amount by the new owner. In the last 12 months, only one property sold on that street at $610,000 on 03/27/08. That means today, it would be worth $550,000 to $575,000.
Best of luck to you,
Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate