Service link auctions

[John Pace]

Does anyone have any experience bidding on auctions that don’t meet the reserve? I am looking at a house that has suffered a lot of damage post foreclosure.  The auction site keeps repeating the auction because it doesn’t meet the bank reserve.  I’m guessing the reserve is what the bank paid at foreclosure auction. It’s not worth anywhere close to that.  Do they keep repeating the auction until they wise up? What gives?