Sometimes a website can be banned due to using blackhat strategies which violate Google's policy. Before bidding on a site, you should check whether it's been banned because you can't participate in there adsense program. To check a site, just entered the url at IwebTool.
If a site is relatively new, then perhaps it hasn't been indexed by Google, but if the site is established, then it will show up on the results.
You can still buy sites that are banned, but it limits your earnings potential as most search engine traffic is from Google. Other options include using other pay per click (PPC) advertising/publishing sites (e.g. Adbrite).
It will also be tough to resell the site if it's been banned, so make sure you research before buying a site with page rank of 0.
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