The first thing I would say is that I am not a lawyer and I am not giving legal advice. This is just to give potential buyers an understanding of how the process works
In law the word Foreclosure means to deprive a borrower of the right to redeem the mortgaged property. The borrower may walk away with some proceeds or not depending on the size of the mortgage and the proceeds and cost of the sale.
The first accepted offer in a court ordered sale is just like a regular sale. The is offer and acceptance and whatever subjects the buyer and seller have agreed to. Once the offer is subject free a court date is set. The offer triggering the court date will be public knowledge. Other buyers may show up to court with there offers (must be subject free). The judge will decide what is in the best interest of the lender. Usually it is the price but how quickly the lender can be paid is also a consideration.
It is recommended but not mandatory that both the buyers and the buyers agent be present in court. The court can only accept one offer so if you are willing to pay more it is advisable to bring a sealed back-up offer to court if it becomes a multiple buyer situation. A lawyer is not usually recommended unless the sale is complicated.
The downside of attempting a purchase of a court ordered sale is that you can have an accepted offer, spend money on a building inspection and still lose the home to another higher bidder in court. You cannot go to court with any subjects to the sale of a home. You need to be able to complete on tthe home by the completion date.
Court ordered sales are sold as is where is usually (what you see is what you get). The court is not going to paint for you or fix a leaky tap (as an example).
If you still have questions feel free to email me email@example.com. If you need legal advice seek out a good lawyer familiar with court ordered sales.