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Foreclosure Auction with 7 Day Bid Cycle?

We found a house we really like, but it’s listed as a foreclosure auction. It’s not like it’s being auctioned off in a set date though, apparently there’s a website we put our bid on and then we hear back if they’ve accepted after the 7 day bid cycle.

It was actually listed as a higher price and then dropped $10k. So we went to look at it on the last day of the bid cycle. Agent said the bid cycle closed and no previous offers were accepted, so we are putting in an offer now, but I’ve just never heard of something like this type of auction and googling hasn’t led me to many answers.

submitted by /u/Tiki108
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/18bb3a4/foreclosure_auction_with_7_day_bid_cycle/
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