Online Auction for a Wholesale Commercial Deal?

[Brad Pickett]

Here is the deal in short: I have three commercial buildings all tied together under contract. They are in need of major rehab, but there are right on the main intersection in a small town. The price will be very low to reflect the condition and the land itself is likely worth more than what I will accept. I would set the minimum bid at enough to cover the contract and auction fees, and if I can make a spread.... great. I am trying to help the seller get rid of them and she is familiar with the wholesale process, me making money, and the situation in general. If we needed to add a JV or some other agreement because of the auction Im sure she would be fine with that.

This type of property seems like it would go well with an online auction on auction.com since it is a prime location and commercial. 

Has anyone tried this? What problems or feedback could you provide?