At the auction, the bank can bid up to the full value of the outstanding mortgage balance without spending any of their money. 

Steve is not only brilliant, he is outstanding at explaining things in a simple clear way.

First investment property (60% outstanding mortage - $70K in equity) 3.

The HOA "buying it back" at their foreclosure, means that debt was Not paid, and still outstanding. 

Outstanding job.  

Selling a $250k property with $50k outstanding or $200k outstanding has no impact.

They are knowledgeable investors and outstanding individuals.Best of luck to you!

Hello thank you James, and Rafael I appreciate the reply I'm in the same situation unfortunately Wednesday are a hard day for me to take off from my business or i would attend a few, I can pull out a Wednesday on the day of the sale but probably won't have much of a chance to be able to do it twice in a raw, Rafael I do have the upset price as I contacted the law firm handling the case and it's $ 388 K including attorney fees etc. the original loan was for about $ 340 something K and homeowners defaulted about 7 years after so I'm assuming the balance is probably in the upper 200 K I was just trying to get an idea as to what the bank opening bid might be, I know all banks are different but I've heard of some going in as low as 70% or 80% of the outstanding balance etc. any opinion?

Just holding the property has produced outstanding historical appreciation (property and rent).In the last 2 years I have over $160k/year appreciation and did nothing but own the San Diego RE to obtain that gain.  

Given the large spreads (amount of loan outstanding - net proceeds received at closing) lenders are asking for unsecured promissory notes for the loan balance.