Unless you plan on buying a high-end home (think auction price above 750K minimum) I personally dont beleive this is a viable strategy for 99% of the people. Even above that I dont think its viable for 90% percent. Auctions get cancelled over and over again. The waters are full of sharks with more cash, experience and information than the layperson. The pitfalls are potentially huge.

The professional investors go everyday and buy the best deals. They dont go to buy a specific home. The average joe looking to buy a specific home faces enormous obstacles to success. The only buyer I see this as a viable strategy for is someone willing to spend about $1M or more for a house that used to be $2M+. A $2M peak priced house is going to be a great house anyway you cut it and if you can get one for 50% off you may not be so particular regarding you own preferences.

I’m not saying its impossible but rather extraordinarily unlikely to be truly successful for the average homebuyer.