Looks like a great deal .....should I bid ?

[Gaurav S.]

I found this property on Auction.com which has a stated starting bid of $367k. The unpaid balance on the loan to the lender is the same 367k. But the going price for a SFH in this neighborhood is around $600k.Since this is a trustee sale I will have to go to courthouse with cashiers check.

I asked my realtor to do a title search and it came out clean with no second mortgage,no lis pendens,no tax liens,no hoa liens.The loan holder is Bank of America.

The realtor said that its illegal for the bank to ask for more that what is owed and any bid higher than 367k would go to seller.

My question is,
1) is this worth pursuing ? I am first time homebuyer with no prior experience. I don't have that amount in cash but I can borrow to just make it there. Is it worth the hassle ?
2) How do I see the property ? What tactics do you use to judge the condition of property without seeing insides of it ? Can I go to the owner and offer him some money to let me see the property ?
3) Do I have to pay all cash on the same day or do I get sometime to pay cash if I win the bid ? Do I have to carry cashiers check for the full amount I am willing to bid to the court house ?

Thanks.