Buying a bank owned property?

[James Teer]

Today I looked at a bank owned property that they are asking probably a third of what should be its ARV. The original owner has until Sunday at midnight to pay what is owned, then they accept everyone elses bid if the owner did not pay.

What do these normally go for? Do the bids usually stay close to asking price, or is it like a bidding war that inflates the sale price?

I am trying to figure out what to expect with this...