Auction. com: What's the deal?

[Robert Espenson]

I have been following a house on Auction.com and it just finished its SIXTH auction.    Several of the auctions did not meet the "seller's reserve price" but several did and still the house was put back on for another auction.   Initially, the house had a minimum bid of $55,000 and there was aggressive bidding up to the 70,000s.   Today, the minimum bid was $92,300!   I know from my channels that this is about what is currently owed and the property is worth maybe 110k to 120k.

I know Auction.com has many complaints with the BBB but they appear legit and I know someone who has used them successfully.

Anyway out there understand the game that is being played here?