Lance is on the money, public auctions are not for beginners and they are not the glamorous productions seen on tv shows. Those tv shows don't show all the behind the scene searches done and the ones the bank puts a high starting bid on to cover what they are owed. The bank often puts on a starting bid which is often more than the house is worth, do you plan to pay more than it's worth? Don't believe the get rich quick books where someone bought a house for $1, I have $150 in my pocket and I would own 150 if that were true - I own 2.
Wait for the bank to buy it, decide how much they will lose and make an offer when they list it for sale. OR go out and buy a regular sale from Mr Smith or Mr Jones and get a home with less issues to deal with than one previously foreclosed. All bank owned homes are not super dooper deals, they come with issues sometimes because they were owned by people not willing or able to keep the house in good repair for a year or longer.