Investor makes the opening bid for the total owed to it--taxes, interest, legal expenses and auction expenses.

MLS, direct mail, through a wholesaler, etc.The property can be located in PA or NJ, they do not care.We have to send them a detailed comp reportWe have to have our GC's come out for bids (on our dollar)We have to have our inspector come out (on our dollar)We have to get the property under contract with a 10 day inspection period before we can show it to them or have their inspector come outThe contract has to be assignable$50,000 is the profit they ask us to shoot for6-8 week rehab time, no structural issuesOnce we find a property and get it under contract, we must immediately pay $795 for their inspector to come out, send them our comp report and our GC estimates.  

uhm, your PMC either is in over their head or trying to take advantage of you.Also, just because a PMC gives you a bid on something, doesn't mean it has to be done!

Ordering a full topographical survey of the property (which will be required for future development and application processes anyway) will give you the ability to show engineering/design groups what you have, and they can give thoughts and bids leading to a site plan. 

Another fact about the land bank is that as soon as you bid on a property, the city will market your bid and try to get other investors to bid out of FOMO.

On the bid & the offer. 

The property I am looking at has equity and only a purchase money loan (1st mortgage).I understand the basics, Wining the bid, gets me the deed subject to the existing loan. 

Is there a lender that will loan just the purchase price, collateralized on one of my properties (2nd position, well under 70% LTV) so I can bid on it? 

I used to prefer helping buyers, when you'd schedule a buyer to see a morning or days' worth of homes, lots of choices, maybe schedule a 2nd showing the next day for favorites, then negotiate an offer and be surprised with the occasional multiple bid.

Would love to understand any Jedi Mind Tricks to convince other investors at an auction to not bid.