Should I bid in bank e auction of a residential property

1. Bank has put up a residential property to recover its dues to the tune of 700 lacs. Out of the three properties, of the defaulting party, put up for auction bank has physical possession of two. 2. One which I intend to bid for has reserve price of 225 lac and the possession is still not with bank with about 3 weeks to the auction date published in news paper. 3. Reportedly one attempt to take physical possession by bank was avoided by the defaulting party by persuading the bank and the revenue officials. 4. I am genuinely interested in acquiring this house for personal use and would be stretching my finances to maximum possible to meet the auction cost. 5. Is it advisable to try bidding seeing the scenario.What all can defaulting party do to avoid handing over the house before and after the auction.Is there a possibility of getting into prolonged hassles, even after paying the money to bank, before I get to use the house if I successfully bid in the auction. Please throw some light on the legal safeguards available. Thanks