Xome.com rejecting my offers

[Mike V.]

There’s a bank owned property I’m interested in purchasing. The listing agent says all offers need to go through xome.com It went live on auction, starting bid 425k. I bid up to 500k and stopped. I wasn’t the ‘winning bid’ but reserves weren’t met either so I speculate it was the auctioneer bidding it up. Went to auction again a few days later. Same result. I submitted a pre auction offer of 500k cash and it wasn’t accepted. The house has an ARV of around 775k. It needs a full remodel... total gut. Estimate 120k in repairs. Why isn’t the bank accepting my offer? It’s pretty reasonable and it just keeps going back to auction. Anything I’m missing or any advice? Is my offer unreasonable based on the ARV? This is my first experience using an online auction site.