We also once looked at a house that was being sold through a bidding process by the real estate agent. The house was from 1972 and was completely in need of renovation. It had been vacant for 5 years, presumably unheated. The minimum bid was 229k, which was almost the limit for us. We had considered bidding 237k and also estimated renovation costs of 150k to 200k. We did not place a bid because at almost the same time we also looked at our current house and hoped to get it, which fortunately worked out. By chance, we then found out that the house was sold for 286k in the bidding process.