Negotiating With Bank On Property Listed On Auction.Com

[Taylor Stumpf]

I'm trying to make my first deal in real estate with a foreclosed property on Auction.com. The property is in a neighborhood I am very familiar with and I have done my due diligence on the property. I have a price range figured that I can buy the house for and turn a profit. The problem is Auction.com's reserve price is way out of that range and the site will continue to up the bid until that price is met. I put in the initial minimum bid early in the auction which I now know was a mistake because I am essentially bidding against myself at this point until that reserve price is met. This is second time this property has been listed on auction.com this month.

So now my idea is to approach the bank that owns the property and try to make a deal face-to-face. I am looking for any thoughts on how I should approach this situation and helpful tips.

Any and all advice is deeply appreciated!