Fannie Mae owed property going to auction

[Will H]

I'm looking at a Fannie Mae owned property. The property was forclosed on and taken by Fannie Mae in May 2010 (county records show the sale to FNMA was for $286k).

Homepath lists the property currently at $161k.

I saw an old Google cache from March 2011 where the property was listed on auction.com w/ a starting bid of $59k. It apparently didn't sell b/c it's up for auction again next week w/ a starting bid of $39k.

Any chance they'd let this thing go for $50k? Am I wasting my time? House appears to be in decent shape -- I'm going to see if I can get the Homepath-listed agent to show me the inside. It's in a pretty rural area of Georgia -- so I doubt there were any bidders for the March 2011 auction.

Thoughts on the reserve? Is it always a per-property reserve? Could they have pooled several houses together and made an aggregate reserve?

Any insight appreciated... This would be my first investment property.