Foreclosures

Has anyone here had any experience with sheriff auctions for foreclosed on homes?

I'm seriously looking into this as an option.

I went last week to witness the auction at the City Hall in BR to see the process. I know that you must have cash in had by the end of the day of the auction.

From what i saw this week, they start off listing the money owed (Writ), then they state what the property appraised for (if an apprasial was done)

Next they start out at 2/3 the apprasial value with the Plantiff (bank holding the mortgauge) bidding first (usually the 2/3 value). Then the bidding starts.

My question, is there any reason for the bank to go above the write value when thay are counter bidding you? From my understanging, is once they get the property up to the amount owen, the rest of the money goes to the foreclosed owner. Also, someone said that the listed Writ amount also includes the fees to serve papers, the homeowners late fees and penaltities ect. Will the bank stop bidding below the writ amount to recoup actual purchase fees or will they go all the way to the writ amount?

Any out there with experience?