good answers below...here is more info on the foreclosures auction process
BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50%
Flavio Tejada, MBA-Finance, Broker/Owner, Realtor
Web Reference: http://americarealtyonline.com/
If you are buying a property at auction not only will you need cash, but you will be competing against veteran investors who buy these properties all the time, you will not be able to do inspections, and you will not have assurances of clear title. This process is not for the faint of heart or wallet.
My best advice to you, even if you have the case, find an experienced broker to help you.
Lance King/Owner-Managing Broker
There is much, much more to know before you want to take that leap.