I recently closed on a property that was offered by an auction company. 

He certainly won't have $40k of equity when the house sells at auction.

@Chris Connolly I was looking for a way to get the property before it hit the auction, and still have the benefit of having the mortgage lien fall to the wayside.

After searching the MLS for months, researching where to find deals, and attending a foreclosure auction, I’ve decided to go to a foreclosure auction in Tucson and actually bid on a property.

So I want to get into buying houses through auctions.

It is going up for auction in two months.

@Brian JacksonWake up at 4:30am...shower and sh**, get dressed, pound a sugar free redbull, take the dog out and smoke a cigg, eat a bowl of captain crunch with the crunch berries or cinnamon toast crunch, read my emails, check my bank account to see how much it increased overnite, start calling my subs, scan MLS for deals, look at the upcoming tax deed auctions, go to closings at the title companies, buy houses/sell houses, head home for family time, have a few drinks, pass out by 10pm...repeat next day..

I am seeing condos with market values of 200–300k go for around 50k at auction.

did you use  any creative financing, delayed  settlement, seller take back, subject to, wraps, banking days, possession before settlement, seller refi for take over, hybrid offer or public auction disclosure?

Drove buy the property and saw they were auctioning the property off.