Betsie Melter's Real Estate Blog: Foreclosures through an auction company? Good or Bad?

I am in the middle of placing a bid on a property for a client through an auction company. The house was originally listed in MLS and we put an offer on it but the property was given to the auction company the same day we submitted an offer. This is my first time working with an auction company and I have to say I am pleasantly surprised. Now, let me clarify that this is a company not the court house steps. This property is also not going to go to a live auction, it is strictly an online bidding system.

The negotiator for the auction company has been pretty quick with contacting me and submitting my bids. We are waiting to hear back from them on a counter we submitted to them, so we will see how well the company lives up to my expectations. I am happy to say though that the process has been similiar to how we submit offers to a listing agent and counter back and forth. The only downside is that this is an "AS IS" sale without the inspection or financing contingencies that we would normally see with a normal sale or even an REO sale. That concerns me a little bit, but the house appears to be in good shape so there shouldn't be too many problems with that.

Has anyone out there had a successful closing with an auction company? Any advice or things to look out for?