A few years back, I helped a client purchase a property on auction.com, which was also listed on the MLS, however the time frame to submit an offer through the listing agent had expired and all terms and offers had to be submitted through the auction site.

Preferably in the $200k-$300k price range before repairs (I prefer off-market, preforeclosures, and auctions, especially cash only).

I was more happy than scared on my first rental.The first time that I signed the cashier's check over to the auctioneer at the courthouse steps was scary.

What are the pros and cons of purchasing investment homes from the auction?

These notices of foreclosure sales are letters we mail to people who have until anywhere from two weeks to three weeks before the property is sold at the court house.And some of them are repeats, as in they go to auction, no one buys and then we send another mailing and the process goes on.

My bias is that offer sounds like I'm bidding and I'm adverse to auctions as a buyer.

I submitted a proxy bid prior to opening or they will put a $10,000 bid themselves with a $20,000 next bid.With my auction, the auction started at my bid of $10,000.

I am planning to attend an auction the next time it comes around, not to bid, but to simply see how it works.

That is what operating an auction ring is all about - controlling the bidding across the board.

If you are buying the REO at an auction you, the buyer will pay all liens.