Auctions and foreclosures are not good deals yet. The minimum bid is the market rate.
My landlord, who is a RE mogul for 20 years and has investments all over the country (and Mexico too), said foreclosures are “nothing”.
In auction deals, you cannot inspect the property. What if it is trashed? What is the foundation is unstable, the roof leaking? How will you know? Can you at least get the tax lien, mechanics lien status? Get a title report?
Why does a city auction a house? Wouldn’t a lender do it? Does the city have an unsatisfied lien on it?
I’m sure they are required by law to advertise it in the paper within a certain timeframe prior to the event.