Cash buyer hoping for insight

[Kendra D.]

Hello, my husband and I are interested in house hacking or ability to build a mother in law quarters. We are all cash buyers (600K) looking in the Fullerton city area. We're wondering what the best strategy is for purchasing what would be our first home. With low inventory and high prices considering the condition of homes to be subpar, I wonder if winning a bid from auction.com would be a better route, giving us the flexibility of rehabbing the home to our style while still gaining equity from the finished remodel would be best or waiting to see how the market performs in the next year. We are not in a rush to move (anytime in 2017) and we can close at any time, if needed. What would you do if you were in our shoes? Thank you for your insight. We're a young, professional couple trying to live in a safe and well to do area in Fullerton and willing to put in some work in a home. We are hoping to find a strategy for being all cash buyers that allows us to gain equity. Any ideas? Thanks!

Kendra