You can buy the home anytime - as long as everything is negotiated that settles all parties. you don't have to wait for it to be bank owned.
Normally - you absolutely do not get a home worth 200k for 65k.
Many investors who buy homes in distress situations like a home that's behind on mortgage - buy pre foreclosures - the real good deals are you usually gone before the bank even files a lis pendens.
Check out the link below