Buying another property Hudson Marshal

[Edward R.]

Hi!  So I'm buying another property, it'll be number two and looking for some advice.  IT's a 3/4 acre  1958 cape type home handbuilt buy the owner back then and only changed three hands.  last guy lived in it for 9 years, Divorce and BK.  nice district suburb but rural type area.  oly 3 bedrooms, put in a dormer to make a 4th.

QUESTION:  I bid on it through Hudson Marshal; bid closed and I was the high but reserve not met and the bank obviously had their final bid in there.  Contacted HM and they got back to me that bank would likely deal if my bid was 7-8K more.  They already listed it to reauction.

Place needs $45-65K of work/(and total carrying costs)depending which route I want to go.  profit could be 30-50K dpending on asking  price and our area is not enough inventory.

What would you do?  Tell HM to pound salt and offer what I offer and show them these are the numbers.  (already said its a fair offer in my initial email due to condition; new baths, kitchen, huge wood deck removal, ground fill.  or do I up my offer a few thousand or wait it out and see where it comes in the next round.   And of course my offer is all cash.

Luckily my last purchase was through HM and I made out GREAT with that investment which I kept and is still paying off big time as a rental.  I'll walk away with 100% profit on it.