When a home owner is late on their payments, the bank evetually will set a foreclosure auction date if there are no payments or arrangements. At this foreclosure auction, you may bid, but you are responsioble for any leins, back taxes or other mortgages. The sale is as is and there can not be any contingincies. If there is no bidder who meets teh banks minimum, then teh bank takes the property back, they clear the title, assign the listing to a local broker, will eveict the resident, clean the house, appraise it and put it up for sale at or below market value. You can make an offer, most often you can not have any contiongincies other than obtaing a mortgage, you do need a preapproval letter to submit with your offer, again you are buying it as is and should have your inspection prior to making an offer. You rbest bet is to get an experienced buyer broker to guide you through the process. good luck with your search.