98k house in a Million dollar area

[Anuja Savaskar]

Hello Investors,

I am looking at this property being sold by school district, its a 98k house, good size of more than 2500 sqft. It looks pretty decent and a classic house, need some  modern cosmetic on it and some foundation work. From the current comps and from the information on county website, looks like the value of the house is 7 to 8 times more than the asked price. They are accepting sealed bids.

Here, I am trying to understand few things, and would really appreciate your answers.

First of all, why is the asked price so low?

second, I have never done sealed bids before. What is the process for sealed bids? Do I need to go through my agent? What kind of financing it needs?

third, what kind of offer (including offer price, option period, earnest money, closing date etc) I should put, so that it will be a high chance of getting it accepted? (not sure how sealed bids work)

Thanks