Some investors only buy foreclosures in certain stages such as Short Sale, Auction or Bank Owned properties.

The realtor told me that fannie mae asked her to submit an offer on my behalf and they will consider it for pre-auction.

In the meanwhile I found some good deals and bought 2 houses cash (I think it was a good deal, cause I bought one May/13 n paid $20k less than the asking price from the bank, and it is worth at least 2x what I paid; the other one I was looking for, to trade my SUV n ended up buying in Jan this year thru auction 2 lots with 1 little 1989 house, for less than 1/2 price of their actual value).

When you get into doing auctions, submitting multiple offers, or odd situations, it just might not be possible to inspect the property.

:)) during the auction as a few other properties I was aiming for got bidded out of my budget.

You will likely have to purchase it from auction which is soon to come.

The final judgment may be as low as $1,000, but the final auction price would be in the tens of thousands. 

My last Homepath home I offered 20% below and since it was ready to go to auction they took it.

I sent over a purchase and sales on June 5th and called a few days later and come to find out there is an auction the 11th.

Over the last few years I have mainly flipped homes through the MLS and auctions, but things seem to be drying up there.