Most auction properties are really left best to professional investors. They often come with limited review of the property, no permitted contingencies for inspection, financing, etc, and can have many unknown defects. Oftentimes it is better to seek owner-occupied sellers or homes sold by banks after foreclosure as they permit contingencies and many times are actually better deals.
Keep in mind that homes are priced cheap for a reason. If they really were a "steal" there would be more demand for them.... more