An auction is actually a fun experience. You should attend one just to watch what happens.
What happens is that the auctioneer will call the number of the home (docket) and then will give the bid amount and if there is an attorney there who is sent by the bank to buy the property, they will bid and there are fees associated with the bid. If nobody else bids on the property, the attorney gets the home. If someone else wants to bid a higher price then it will go back and forth until one gives up.
The opening bid though is what must be bid first though.
You must bring either certified funds, cash or a money order.
There are some great deals but trust me, it's not as easy as many would want you to believe.
If you have any other questions, feel free to contact me.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee