You're saying that the seller can bid on their own property during the auction and they are not required to complete the sale to themselves if they win the bid?

the courts will put the property up for auction?

In other words is it a state where only the certificate holder can take possession of the property during a foreclosure as the property is not put up for public auction?

Just to elaborate a little on what Bill wrote and the determination of overage - I'll use the example from the OP above.Note purchased for $198K, goes to foreclosure auction.

I bought them at the HUD auctions, so previously they were on FHA mortgages that defaulted and were foreclosed on.

Sold for 60k+They keep telling me why would they pay 24k when they can get other homes like it for 5-12k at auction.

I have invested in others' houses and farms, helped other people get their loans and invested in income producing properties.Buying from homeowners with and without Realtors, Auctions, Bank REOs and Tax Deed Sales!

We picked up 3 air + cased coils on a auction 2 weeks ago.

10 years ago the retail buyer was all over anything with the word "auction".

http://www.biggerpockets.com/forums/67/topics/67064-why-do-investors-buy-hoa-liens-at-auction