This type of sale is typically granted by the court if the property is worth less than the mortgage debt. The court with the consent of all parties can order the property be sold by having the property appraised and listed with a real estate firm.
All offers are subject to court approval. Once there is an accepted offer on the property and subjects, such as inspection, have been removed, a court date is set. Usually 10 - 30 days after subject removal.
At this time the accepted offer becomes public and anyone else that has an interest in obtaining the property must be in court with their best offer on the date specified.
The judge will usually award the property to the highest offer. You have the best chance of being succesful in this type of transaction to offer best market value. Court orderd sales are not without risk; you accept the property on an "as is" basis as of the date of possession.