Foreclosure Auction Strategy

[Jonathan Doro]

I am interested in purchasing a Foreclosure on an Online Auction website. The auction goes on for 5 days and if the reserve is met, the home goes to the highest bidder. I am wondering what the typical strategy for these auctions? Whether all the action happens in the last 5 minutes, or whether it is more calculated. The home is listed at 224k, but starting opening bid was 118k, and no action since, does this have indication of events to come? 

Thanks for the help!

[Bob B.]

I only bid on auctions where the property is non-fanciable (cash) and without an auction fee.  The homes need more work but should eliminate most retail buyers.