About to put an auction bid in, What am I missing?

[Jim Mitchell]

Good Morning,

I have found an online auction that I will be putting a bid on and am looking for some guidance.

The home is in an area i am very familiar with so I am confident in the location. The pictures posted look  make it look turn key and is being auctioned because of a bankruptcy. From what I can find the owner has passed away. The auction ends tomorrow evening so I don't have too much time. (May 31st)

Facts:

• The Auction is starting at 100k with 50k bid increments
• Comparable sales in the area between a low of $154 to a high of $178 per square foot.  
• This home it looks like it could get between $257k and $296k. 
• I have about 150k I could come up with another 50-75k (getting creative)
• If I don't want risk putting down the cash may finance some (above 100k)

Questions:

What would concern you about this auction?

What would you do first to ensure your concerns were put at ease before bidding?

What flexibility do i have in making a bid but not being locked in based on something that could go wrong (legally or otherwise)?

What should i be doing looking for before making a bid or committing to purchase and sale?

What other advice do folks have

Thank you very much for your help