I am being cautious or foolish?

[Drew Nashmy]

So, another Monday, another unsuccessful trip to the Sheriff's sale! I use an algorithm of multiple factors to determine my "buy" price for our properties. One example from today was a max bid of $100k, which I bumped to $105k. I bid up to that number, and the property sold for $106k. Knowing that there was no way to know if I had continued bidding where it would have ended up, am I being cautious or foolish?