You need to talk to a real estate lawyer in your state. Rules are all over the map on foreclosure sales. The advice you get here is worth just what you are paying for it.
Just some general tips: Find out the terms of the sale- will they take 10% down, balance in 30 days? Balance in 30 minutes? Believe it or not, that is sometimes the case. In Washington, you generally have to have cashier's checks for the full amount at the sale.
You're not going to steal it, unless the bank wants you to. They will have an amount that is their bottom dollar, and they can "credit bid" up to the amount of their lien, without bringing cash.
Get a title report from a title insurance company, to see if there are any other senior liens, that will survive the sale (foreclosure sale wipes out any liens that are junior- that is, filed later- to the mortgage being foreclosed. But you buy subject to the liens that are senior, and you can't depend on the sale guy to reveal them. You have to do your own research.
Its nearly impossible to anticipate what the bank will do (ie, dump it to whoever is the highest bidder regardless of price, take it back themselves and then sell through a realtor, etc.). When I worked for Production Credit, we used to always bid the full amount owed, no matter how ridiculous- because then we showed our loss on "sale of acquired property" rather than the loan, which had much less impact on our capital. But now days, much depends on the financial condition of the bank, how much acquired property they already have, etc.
Figure out the rules, do your homework, and give it a go. You might just get lucky!
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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