Most of the answers I read here are wrong. The Bank bids to the total debt so they get paid. Many loans serviced by banks are not owned by them. Additionally many loans have PMI (insurance). If they let the property go for less than what they are owed they may lose out on being able to file a claim with the investor or insurer of the loan. Plus since they are the plaintiff in the lawsuit they are not actually paying anything when they bid. Additionally the bank isn't going to bid more than they are owed because in most states they would not be entitled to the excess proceeds. Those funds would go to other lien holders on the property or the prior owner. Banks aren't in the business of flipping properties. If you like a house that reverts to the bank at auction you will have to try to get it in REO (Often at a much lower price than the auction bid was)... more
You might be able to get it when it goes to sheriff's sale, depending on where it's at in the process. To do that, you'll need all cash, and won't have the opportunity for a home inspection, etc. That's not the best option for most people, so may have to wait until it comes on the market to purchase it. I can help you find a similiar home that you may love just as much if not more than that one. Contact me, and we can talk about what you're looking for and see what's out there.
Keller Williams Realty