Philip is correct in stating that this is just a notice of foreclosure sale - the property has not yet made it to the foreclosure auction, where the bank generally buys its own properties back from itself. (They are the lien holder, i.e. owner of the mortgage, and thus they buy their own properties back at the auction to protect their interests)
In an appreciating market, or in a hot area, where the mortgage owed happens to be less than current market value, then you will see investors bidding up above the value of the bank's mortgage on the property - and the bank's totally OK with this...it means they actually get their money back!
(This is what you often see on shows like "Flip Men," where investors are bidding at the courthouse auction.)
However, in today's market, for the majority of Chicago, the bank is the one who buys the property back, due to high mortgage balances from the boom and the "refi" mania (where everyone kept pulling money out of their homes, like an ATM).
Once the bank buys back its own property, it is not a quick process. It moves slowly, like a dinosaur, and might very well be a year out or more, before the bank (or government-owned entity, like Fannie Mae or Freddie Mac) gets it back up on the market.
I have several listings that I'm currently working on for Fannie Mae, and right now we are just doing weekly inspections of the property, sometimes having to do an eviction if the homeowner is still in the house once the bank has bought back the property (not my favorite thing, but it has to be done - the Sheriffs are the ones who do the actual eviction), and then.......waiting. It's a slow process. But if you have patience, you may eventually be able to get the property. just don't expect to get it anytime soon.
Alternatively, there are investors who like to deal with the homeowner directly, and try to buy properties "pre-foreclosure." This is a very advanced method, and I certainly wouldn't recommend it to the average buyer, as you really have to know what you're doing, if you want to go down that road...
Now if you have CASH (lots and lots of cash), you may be able to do some things that other people aren't able to, who have to rely on loans - you just might be able to buy this property directly from the courthouse auction (that will take a minimum of $426,427......1 dollar above the bank's owed mortgage balance)
Of course, I agree with everyone else, when we say: get a great agent! (That would be me) OK, I kid, but seriously, get a great agent who can walk you through the process. If that happens to be me, I'd be more than happy to help you learn more about this.
I hope that's helpful to you!
If you have any questions, or want to chat further about this, don't hesitate to pick up the phone and give me a call or text me, at: 773-710-8818
Best of luck in your home search! :)