Actually, banks and/or finance houses sell repossessed items for as much as they can get, and they will indeed give any surplus over what is owed back to the foreclosed individual,less some administrative costs of course, at least in the UK they will.
Most banks have an estate division within the bank set up,or may use particular agents to sell the property. Such properties are not generally advertised as being repossessed, and may also be advertised at normal market value initially,however, make an offer and sure enough (especially if u know the property is a repossessed one) you may get it at a much reduced rate, but one that certainly gets the bank/finance house its money back. A lot of these properties are auctioned with a reserve price attached (that is, a price below which the seller will/may not sell).
Sometimes, they may even invite tenders, and in this case those in the business (with a lot of liquidity) stand a chance of getting these items at a pretty good price. Of course they sell later at a profit.
Check the papers for auctions of houses and cars you'll find many of these items have been placed there by finance houses/banks. Bottom line, you need CASH.

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