There are two ways for you to get the actual then....1) if no one is willing to bid that minimum bid (what you are already out of pocket for), then you get the deed. 2) outbid everyone else if the bid opens beyond the minimum.An observation......the bidding at these auctions is competitive, and prices approach retail, if you get the property for what you're already into it for because no one was willing to bid higher, you did Not get a good deal.  

Gordon square is already Hot with a lot of competition, but you can still find opportunities. 

In competitive markets like Indianapolis and Kansas City which I am most familiar wity, demand is high and inventory is low so there generally isn't the luxury of time to go see the property before putting it under contract.

My favorite that made me a bunch of money was buying trustee sales with IRS liens and competition was all freaked out about them and would not bid on them.. not knowing that the IRS redeems maybe .01%  LOL.. 

How competitive is your market?

The market there is so competitive even though the cash flow numbers don't make sense (at least they don't fit our model). 

I have a Ph.D. in Applied Social Psychology, which I think gives me a competitive advantage in understanding people's fear and emotions.

I'm interested in purchasing a 2 flat or 3 flat in the north side of Chicago but have found the market to be very competitive.  

Also, tons of competition especially with all the new on campus housing they just built. 

Filling the apartments with high end amenities like stainless appliances, wood flooring and quartz countertops will set you apart from the competition and will also get you the best tenants.