[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]

Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon).