I just received a letter that at the end of March, the house will be auctioned off as a foreclosure.At this point, I don't know what I should do as this was my very first transaction.

I know that for the past several months very few properties have gone to auction (in my area).

They have final say everythig else up to the auction date has failed.

They sometimes run them in conjunction with an eBay auction.

I bought 0.13 acres of land at an auction for $8000.

We have investors willing to put up $500k for small lower end properties that can be purchased at auction currently for about $20k.

I recently bought a foreclosure at auction.

I am at the very begining and was wondering if it is possible to let it go to auction and wait until it doesn't sell then offer the bank more like what it is worth.

Giving them the "instead of letting it sit vacant for years and accumulate public complaints because of the vacancy, and accumulate taxes, which won't get paid, and having to go through an auction, I'm interested in buying the property, rehabbing it and getting it back on the tax rolls, but the numbers don't work if we can't negotiate these back tax numbers down, let's talk" type of conversation?

I purchase properties at tax auctions and my bank wanted to call mine due to to purchasing a property and when I informed them that I am not purchasing any properties (just liens on the properties) they had to relent.Now due to the foreclosure process on those liens I have a couple of properties in my name that were purchased with those HELOC funds.