New construction forclosure auction

[Matt Frazier]

I'm in the Minneapolis area and I'm trying to find a creative way to try and buy a stellar property at auction. I have no experience with foreclosures. There is a house just down the street from my development. It was part of a smaller development with about 20 lots. The small time builder got into the area just as rates started to hike up. They sold one house, built a model home and now are in foreclosure on the model, with 18 or so empty lots. The house is brand new, no one ever lived in it, and I've been inside it everything is intact. This was listed in the local paper being sold at auction to recoup the $170,000 original mortgage. The house is pretty high end, and was for sale for $850,000, brought down to $750,000 recently. Does anyone know how a sheriffs sale operates, and when trying to bid with cash (I don't have) are there any lenders that might put up cash, knowing we could get a pretty good deal if the bid was won for less than $400,000 or so. Just open to thoughts, critiques and ideas! Thank you!