100% of properties being foreclosed upon must pass through the public auction process.
99% of property "offered" at the public foreclosure auction goes back to the lender.
The biggest reason is because professional auctioneers are locked out of the foreclosure auction process, but that is another subject altogether.
Once the property is foreclosed by the lender, they must record the title, evict the old owners or tenants, then they "secure" the property, analyze it for 3 to 6 months, then "list" the property with a realtor at an unrealistic price.
Lenders are currently holding over 6-million foreclosed homes and only a fraction are on the market today.
After they have been with a realtor for six months with an unrealistic price tag, that the realtor usually advises AGAINST as being too high, but they take it for the listing anyways, the property goes to another realtor at a lower listing price and so on and so on for 2 to 3 years.
If nobody buys it then they will hire an auction company to sell it in 3 to 7 minutes for 100% of the present cash market value (what its really worth) on the date of the sale.
If you really want a foreclosure and have the cash available, go to the real auction on the courthouse steps