HUD Auction Bids

homer_simpson said:
I recently came across a listing in regards to a property that's HUD Owned and it is an Auction (Bid type offers).  Is there a special way these Auctions work or are they the same as any Court House Auction? 

Do they typically sell lower or higher than listed price?  This is the property I'm talking about. 

http://www.redfin.com/CA/Tustin/15212-Davenport-St-92782/home/12249233
Click to expand...
I think they work in the same way as any regular auction that lenders use to sell their REOs.  The prices (with the buyer's premium from the auction company) will result in a price that is fairly close to market if not greater.  You will get the best deals by going to the Trustee foreclosure auctions at the county courthouse but obviously you have to pay in cash/cashier's check.
 
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