Foreclosure Home Been to Auction Twice - Possible to Purchase...

[Constantine Kapothanasis]

Hello, I currently own my home with my wife in Maryland. The value of the home is between 350-360k and we owe about 280 on the mortgage. We live in one of the most desired, if not the most desired counties in MD.

When we purchased the home I had a salaried job in Baltimore, and my wife still does. Since then, I have become self employed and I own a business in Harrisburg and York PA as well as one in Baltimore. 

We are trying to mitigate my commute a bit by moving closer to the PA line and we found a beautiful home that we fell in love with quickly. The house has gone through auction twice most recently September 15th-18th with a starting bid of 276. Its original auction was in the 300's. It has been listed for 208 days and has been bank owned since 2013.

There is a new auction scheduled for December with an opening bid of 170k. 

I think this actually is detrimental to my situation as my house needs to be sold in order to buy this new home.

Am I able to purchase a foreclosured home before the auction begins if an agreed to price comes about? 

If I bid on the house and I win, but I am unable to sell my house, what happens then?

We have some cash, not too much right now, so we would really depend on the cash from the home sale to purchase the new house.

Any thoughts, suggestions, or insight to this situation?

Thanks in advance!!