Foreclosure Auction Prices don't make sense

[Justin Campiotti]

I just got back from a foreclosure auction and I don't get it. All of the properties went for above fair market value/comps/zestimates etc.

I understand the properties bought back by the creditor when they weren't being bid up enough, but what is the strategy for the rest of the bidders? I can't imagine they are trying to flip the properties, and the numbers don't make sense to me to hold as a rental. The properties were spread out geographically speaking so its not a developer grabbing up chunks of land (I don't think). What am I missing. How are these buyers planning on making money?