REO Help and Advice for someone new starting out

[Isaac El]

REO question.

I am new to real estate and trying to learn as much as I can - BIGGER POCKETS community is great!

I have been going to the real estate foreclosure auctions, so when a property goes to auction either people bid on it and win (yay) or the upset price is too high and "it goes back to the bank" After that is where I am getting lost. From what I understand this is where it becomes an "REO/Bank owned property" and the Bank has agents it works with that is supposed to get a number of bids - with proof of funds, and submits them to the bank and they will resell it. (that is what I am understanding is supposed to happen....)

But lets say the auction for purpose of example was on January 1 - and it goes back to the bank, is  there any general rule to when or how long does it take to get listed or available through the bank now?  Do banks list the agents they use locally?

Any "REO" I found - and I have been calling tons of them I always get the same response, "ohh we are under contract already" I am kind of get a feeling something else is going on.... like the agents have their go-to buyers they have been working with for years and it goes to them,

I don't even believe its going to the real highest offer - 

Kind of lost on this - any help/advice greatly appreciated!