Pros:Potential for Bargains: Auctions can offer properties at lower prices than traditional listings.Speed: The auction process is usually quicker than traditional sales, with a defined timeline for closing.Transparency: The bidding process is transparent, and you can see competing bids in real-time.Cons:As-Is Condition: Properties are often sold "as-is," meaning no repairs or warranties.Limited Inspection: There may be limited opportunities to inspect the property before bidding.Financing Challenges: Securing financing for auction properties can be more challenging and may require quick approval.Auction Fees: Be aware of any additional fees, such as a buyer's premium, that could affect the total cost.I hope this helps you out!

I just put a bid on a 2/2 in Landmark!

For a more complicated job like floor warping and plumbing he would have gotten bids on.

@Woytek Niemiec Are the prices being bid up too high by investors, or is the starting bid too high?

I offer listing price and a bunch of people swooped in and bid up the price, so I checked out. 

Note too that in Wake County, unlike decades past, there is no meaningful "foreclosure discount" (defined as the fact that winning courthouse bid prices were generally (historically) much lower due to the forced sale feature of NC statutes and Deed of Trust Power of Sale clauses) and this is confirmed by a recent Fannie Mae study. 

we build at $174 per sq ft hard bid guaranteed. land is $10-$15 per sq ft.

You should also be able to nail your rehab costs without getting bids at some point quickly.   

The property requires significant rehab and I am considering to put in a lower bid than the asking price.

If you would like me to obtain a quote for replacement, please indicate your desire to pay the cost of the replacement and we will obtain bids.