REO property question

[Lacy Green]

Hi everyone!  We are cautiously learning everything we can before jumping in on our first deal.  We are listening to all of the podcasts we can get our hands on and have listened to multiple audiobooks so far, including "The Audiobook on Rental Property Investing" which is my current "read."  We listen so much, that last night while I was working out in our home gym I was listening to that book which is narrated by @Brandon Turner as you know.  When I came back inside, I could hear Brandon's voice from across the house since my wife was listening to a different book!  I guess what I am getting at, is that we are trying to do our homework first!

Sorry for the long intro to my question for the night.  

While browsing the local listings I came across a property in a neighborhood we are interested in that was listed as a pre-forclosure.  I did some checking and found that the property went to Sheriff's sale last month.  The bid was won by the bank, which I am guessing means that no one else bid high enough so the bank "purchased" it.  The purchase price was less than half of the value of comps in the neighborhood.  

My question is, what happens with the property now? Will there be another auction by the bank? Or will it just be listed with a realtor on the MLS with other properties? I'm rather interested in the property, to at least investigate further to run the numbers on to see how it would perform. We are not ready to buy yet, but if the deal was good enough, we would potentially try to get a little creative.

Sorry if this seems basic, but I just am trying to get a better understanding of the process on this type of property.

Thanks!