You must be feeling butterflies and excitement all at the same time! The property you are interested in is with the auction house which will require you to register, Which means get personal info from you, as well as a deposit. It will also probably require you to have a Realtor represent the transaction for you. Your Realtor will be able to get the access to the property for a preview before it goes to auction. You'll want to know what the market is for that particular area, meaning what have the others been selling for. But most importantly, take a handyman, electrician etc friend with you, so they can give an estimate of what the repairs might be. Then you will be able to have an idea of what you are willing to offer at the auction. Good Luck! Let me know if I can help!
I would be happy to help you buy a foreclosure. You can contact me or just go to one of my websites designed to help foreclosure buyers.
Hope that helps, and Good Luck!