Sheriff Sale/Bank Owned Question

[Ryan D]

A property I am interested in will be going up for sheriff sale in a few weeks. It is my understanding that if I decide to bid on the property, it will be me and somebody representing the bank bidding back and forth (and anyone else who may be interested) until the property is sold. There is a lot of outstanding debt that would tag along with this property which has me worried.

I have heard that it is possible to let the bank win the auction (assuming no one else out-bids them) and then personally work with the bank on a deal after the sheriff sale is over. It is my understanding that the bank is forced to buy the property if no one else will.

This is good for me because that way, the bank has to clear up all the outstanding debt, leins, etc. and I can basically get the property without any "baggage". Is that right? Also, it will give me the chance to walk the property, which would not be possible if I bought it directly from the sheriff sale.

Can anyone confirm if this is a viable strategy and/or clear up anything I might have wrong? I have never bought from a sheriff sale and I don't want to get in over my head. This would be a very solid investment for me, so if I can acquire the property, I will. However, I want to be sure I choose the best approach.