Description of the sale states that "This sale is not subject to redemption". Any idea what that means?

probably means that the original borrower's credit history is so shot that no matter what they do at this point, they will not be allowed to 'redeem' their ownership in the property before the sale.  Whatever equity they had, if any, is gone.

If the original borrower has any chance of getting financing from anyone at this late date with their credit history as it is (not likely unless they can borrow the money from family or friends), they will have to buy the property at the courthouse like any other member of the public.  But ... who in their right mind would loan them money?

The bank will protect their 'investment' up to a percentage, but they are also looking to cut their losses.  And I'm not real sure, but I think it's illegal for a bank to 'own' any property in foreclosure after a given number of days. 

As stated earlier, consult a lawyer.