Contact a local realtor who forwards properties in foreclosure, short sale, or have equity based on your specifications and lender approval.
Many auctions may not have the opp. to preview the home, no the value, and etc. vs. with realtor represents you. Submitting a bid for foreclosure via a realtor REO is an indirect auction other buyers represented by real estate agents place offers on home.
Banks are difficult work with not due to agents, many have slow response, however if you have time there are good buys. We instruct our clients although we placed on offer on a foreclosure best keep looking.
Interest rates are low, you receive annual tax benefits.