Analyze First Deal SFR 3/2

[Randy Atkinson]

Hello All, 

Looking to buy first rental home, it is a ranch 3bd/2ba, 1200sqf with garage. An agent sent the home to us via a MLS search and said they are accepting bids, the home is in foreclosure and has been on the market 209 days. I just looked at foreclosure.com and it says the house is going to auction. We put a bid on the house and the listing agent said "cash offer offer they received was higher than what we offered so he doesn't believe we will get it". I would like to better understand the information I'm receiving from my agent and foreclosure.com, is it going to auction and should I wait?