Help on what to do.......

[Luis Medina]

Hi, this is asking for help as buyer, more than investor. I currently on the hunt for my first and principal house. I had been approved by my lender(350k+), but have not find the house that I like at the right price. Recetly I noticed that there is a house in foreclose/auction process in my search area going for early june. The area is 10/A school rated. Really low crime and about 20min north of Atlanta. I already called the collection agency and they are only accepting "cash only" at auction. My realtor told me that she dont like to deal with auction/foreclose because of the unknowns, loan involvement, house condition, ect. I do not have the cash money, but as mentioned before I have been approved a loan about 45 days ago. The house open bid is at really low price compare to area value and others houses in the same neighborhood. After reading on the forum I ask my self...Why the previous owner didnt refinance, Why the bank didnt sold the house in pre-foreclose, do the house really have some equity, ect, ect. As buyer what I can do to purchase the house at auction price? Remember I dont have the cash money (160+). My end goal/though is buy/fix a little to pass inspection and finance on FHA or Conventional. What is the best possible solution in my case? Thanks.