Some good advice above, but I thought I’d throw a little optimism in the hat since it seems you do feel this is a unique opportunity.
FWIW…I think you have the right mindset thinking that it’s a longshot, but sometimes things work out if you give it a shot and are a bit optimistic. I’d do as much research as you can yourself online, but I’d probably also talk to a realtor you know and get some advice for free since they do not get paid unless you close escrow. I think the model works because they have to earn your business by providing some value before they get paid.
There are definitely horror stories about wasting a lot of time with auctions and getting overbid and all, but there are people that get lucky too. I know a guy bought a duplex in Encinitas down the street from me about a year ago for 845k and I”m pretty sure that guy scored considering a place on the same street just closed for 1.6. In the instance I’m describing it was through Auction.com and you could have an agent represent you and you could get a loan on the property. There was a 5% premium and there were certain rules/disclosures you had to follow, but you could read all the rules online on their website. It was very straightforward in my opinion and I wish I would have bought the place myself, but I told myself my limit was 825k prior to participating and I had to stick to my limit when someone outbid me….in hindsight I should have gone for it, but I also always think there is another opportunity.
