Wells Fargo will have local representation present at the sale in the form of the attorney's office who is handling the foreclosure process. The attorney will bid on behalf of the bank up to the payoff amount, which includes the loan balance, any outstanding interest, property inspections/preservations, escrow deficits, etc. In most cases that payoff amount is greater than the market value of the home. If it wasn't, then it probably wouldn't be in foreclosure. If there was equity in the property, then the previous owner would probably have sold the property and pocketed the equity, rather than stop paying their mortgage and damage their credit (however, there is always the rare occurrence and some properties do get sold to third party investors at sheriff sale).
If you don't get the property at sheriff sale, and the property is not purchased by a third party investor, then the property will go back to the bank. Once the sheriff's deed is recorded and the bank takes possession, they will most likely list it for sale with a real estate agent. So, even if you don't get it at sheriff sale, it may be worthwhile to keep your eye on it as it may be listed for sale not too long after. Hope this helps. Feel free to reach out with any additional questions.
Ryan C. Garrity
U S Spaces, Inc.
2206 Walnut St.
Philadelphia, PA 19103