1. Bidding to high due to the social pressure and excitement
2. Not haveing done any inpspections
3. You need a professional at your side and on your side to work through the details.
Enlist the help of a Realtor who works with buyers of Bank Owned Properties to go with you as you inspect several homes that may be in your price range. You can learn this market - but you do not want to learn at your expense - a wrong purchase.
Good Luck - a few people do get a good deal at an auction.
Steve Davis - Lodi
To learn more about auctions.
Rocky G.H. Hawrysz
Broker Associate, Realtor, e-PRO
Prudential California Realty