Can someone tell me if this is correct: if the owner redeems they have to pay the full bid price, fees and court costs, 10% interest, and any “necessary” repairs (what constitutes that)?

I have a rough idea of what my max bid would be if my reno budget is around 150k.

Assuming you're contracting it out make sure you get multiple bids and I'd do the bare minimum inside or do that yourself (unless you're going to make it a hangout spot as a feature for guests - could also do this over time as you see increased cash flow).

Of course, your bid will be extremely important, but it would be a challenge to get to the point of executing a bid proposal if we aren't confident in much of the above items.  

Further, a broker that “pocketed” a listing instead of advising the seller to place it on MLS and seek a bidding war would be committing a violation of fiduciary responsibility to their client.  

I've seen/heard people getting more competitive bids in the higher risk markets, but yeah I do think the subtle increases 2-3% are a bit aggressive. 

Lessons learned - Get multiple bids for the project and be ready to negotiate with contractors.

The 4 bedroom person will bid up.

The peace of mind and seamless transactions are far more valuable than squeezing out a few extra dollars from a deal that could fall apart at any moment.Real estate isn’t just about the highest bid; it’s about the relationships and reliability that ensure deals are closed efficiently and without unnecessary stress.

The way foreclosures are offered varies greatly around the country, and we don’t know where you are located… but where I am at they are all cash affairs, with the money due within 24 hours of winning the bid.