This 2nd auction provides an opportunity for the property to be sold for "market value" so that the owner does not lose their property for less than the market value.

Can you provide more details how this should be done?

@Jim Stanley, @Alan Asriants is providing some strong feedback on 1st steps which you already are making happen by checking out the place next week.

Decide which game you want to play.

I can't tell you the number of times they have helped me through their forum and all the insights provided. 

@Michael Smythe He hasn’t used BP cost calculators but does provide rough numbers to help determine whether the property will cover the mortgage and even potentially cash flow.

Sounds like you have a solid game plan in place.

Call your state's department of RE.I think most states require that a agent present all and any offers ,regardless of how small they are.In the past, I had someone threaten to report me to the DRE unless I provided them undenyable proof that I submitted the offer to the seller, so I forwarded them an email from the bank's AM telling me the offer was a joke....was enough proof.

Analysis paralysis and was (and still am) nervous to take action, but that’s the name of the game so it’s gotta be done!!!

For example, we provide 10 free changes with any listing (and $5 per change after that).