Auction question

[Don Colagrossi]

Hello,  

I'm back in the investment game after  a long hiatus  and after making a  couple of not accepted offers on off market deals tried a different route. Went to a homesearch auction site and was the highest bidder on a home.  Now I'm told that it didn't meet the reserve and the owner has 15 business days to decide. 

This is worse than making an offer on the MLS, because it ties up my funds.

Anyone else have a similar experience? 

Thanks, 

Don Colagrossi