If we bid our own principle do we have to pay that out of pocket?

Also keep in mind after you win the bid you have to pay to get them out!!

They have documents pertaining to the house as well as instructions for who can bid, when, etc.

There was actually a property up for sale in Levittown recently on 45 Tanners that could have fit your metric but because of the market we're in I think it ended up in a bidding war over it. 

It could be useful to help inform pricing decisions for properties to be listed/bid on, as it would give a simple way to estimate the average price of a house with the characteristics you plug into the equation.

At each price point there are buyers and through this run-up, some buyers aggressively bid on the house thinking they have to get it. 

., My original quote for this thread was up to $600k, that was my highest bid when I was trying to have a 4 family built in the style of All Brick with each unit running 1000 sqft [became to small for a 3x2 for what I wanted], for 4000sqft total size on a full basement used for garage space and storage.

@Chris Connolly I always encourage people to get 4-5 bid proposals from managers. 

They would be offered the option of a higher price or canceling the bid. 

@Dave Carella I put a bid of $110k on a foreclosure listed at $97k, and it was flat out rejected so I feel your frustration.