If this is the house on Kershaw or the condo on Battery Heights, they are offering to pay a broker fee. My suggestion is to contact an agent who can help you with this process. You will need to get pre-qualified if you plan on getting a mortgage, find out what liens are on the property that you could be responsible for once you buy it, get a home inspector to look at it to assess the possible repairs. And your agent will give you a market analysis to help you determine market value so you do not over bid. Good luck!

talk with an Agent who know REO's and their process

You sure do and then some... you want to have your finances in order as they only gove you 30 days to close and it is not contongent upon you getting financing, if you are the high bidder you are responsible to close. you should also do your homework, at auction you are responsible fpor any past due taxes, hoa fees or a 2nd mortgage or any liens on the property. your best bet is to get a buyer broker that can help you. you should be able to negotiate a buyer agent contract so it doesnt cost you anything, where the agent will get paid their commission from the cobroke fee offered by the auctioner. this way someone will be looking out for you, can do the research and assist you on bidding as well. Good luck on your purchase.