Have a property coming up for auction that I'm keen to bid at, but this is the first time I've been involved in a mortgagee in possession sale. Any useful strategies that makes this situation different from a "normal" sale? eg. the agent has said "the property will be sold on the day" (his emphasis), and hinted at a $260k+ range. The mortgage appears to be for $160k (according to the S32). Does this mean anything in this process, or should I ignore that as irrelevant? Like us all, looking for a bargain , but I guess it depends on who turns up on the day as well!