@GreenWeaver -I have been to foreclosure auction sale for homes and I have to say that the nice thing about a bank owned foreclosure auction is the clear title.
In these bank owned auctions the banks clear the titles of these properties and have paid all liens associated with the property which is one less thing that you will have to worry about.
In addition, these properties are vacant so you won’t have to worry about evicting someone.
By contrast with a judicial auction that is auctioned at the courthouse steps you do have to worry about liens and possible evictions. There was a story that I read about in my local paper about a man that bought a house for $20,000 below market at a judicial auction but it had $60,000 in liens that he had to take care of.
I think that these types of foreclosure auctions can yield great deals but they are not without its risks.