As the "bike messenger" announced the various properties, in every neighborhood from Saratoga to South San Jose, no one bid on the properties. So when no bids were received the bank just took the property back and the foreclosure sale was complete on those properties. That happened with 99% of the list. However, when the home my client was interested in was announced, there were three different bidders. The auction bids started at 245K and the winning bid was 245,100. The bidder did not have to go higher and that lucky investor won the property. As my client went largely to see how the process worked he did not move forward on the bid. I would still be cautious before investing in an auction home unless you have done a previous title search. It can be costly to clear secondary liens and tax liens and those must be cleared or satisfied for title to be clear and to transfer title to a subsequent buyer in a flip.
If you are an investor with a team of rehab specialists and with some title support, then an auction may be a good option. My advice, gather as much information on the property prior to auction and then move forward with eyes wide open.
Thoughts...?
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