That's why I always recommend driving by and scoping out any property you are bidding on.

@Wiley Strahan There are few lenders who offer this program which help borrowers to bid on the property because Realtors knows this is sold buyer with appraisal condition open only. 

My last 3 out of 4 transactions had no bidding wars.

If they counter or accept THEN have a contractor go out and get a bid.

Construction costs are high right now in most major metros... so if that bid is not current it's most likely off (under) by a significant amount.

I read that you could put a lien on the home for owed lot rent that is past due (which could be a lot if it's been there four years), and that upon sale at auction a couple things can happen: 1) you would get paid off that amount, or; 2) if nobody bids you can take title.Either way this sounds like worth your time for a consultation, and then if it happens again you know the process.

On the other hand, it will be in your best bet to find establish couple local construction companies and have them bid on the project.

This afternoon our bid on the property got accepted.The house is not move in ready by any means.

I do deal with owners off market but I do not want to officially list their property, market it, take tons of offers from buyers, call to market,rounds of bidding and all that crap.

Consider this - given you have a “bidding war” and the interest you have had in the unit, it’s reasonable to say that you have underpriced it.