I am looking for people experienced to enlighten and share insight on this strategy. 

Sooooooo darn confused, maybe some one could enlighten me.My current theories are1) I may be ruining his rep with the other agents by offering 15K less2) Their were multiple offers so he has a higher backup3)???????

At one point, I know from personal experience, that Robert Allen and his Enlightened Millionaire Institute (EMI) was the poster child for that script until it went bust.Looks the guys to whom you referred are using it now.The pity of it all is that are good trainers out there who have good material and training programs that actually give you a game plan to put into action and make money. 

Can anyone enlighten me what resource they use for real estate market forecasts?

After you understand the basics you will understand all the ideas posed in blogs, podcasts, how to books, step by step methods pushed on new investors, understand that these kinds of information is not an education, they are to enlighten you with ideas.

I found it very enlightening when I first joined.  

@Rich Weese has a few posts that are part of the FAQ thread that I assembled where he tells how "easy" bidding at auction really is - good reading for those not yet enlightened.

Anyway, I hope someone with some experience will enlighten me on some of the things to look for and whether this even looks workable.

I'm a quarter of the way through the first one and it has been very enlightening. 

Please enlighten us on what was required for you to embark on this endeavor.