My colleagues (below) have given you much to consider. If you want to go to auctions, they are exciting and can be fun. My suggestion: if you are sincere and want to buy at an auction, sign a buyer agency agreement with an agent you like and go together.
I have taken many buyers to auctions, and I have seen grown men freeze when asked if they want to bid, and lose a great house they could have bought at a huge discount--I have also seen nerdy types step up and seize the day by buying a great house. If you are there to buy, then great! This is the way to make money on a home.
I tell my clients, you make money when you buy (if you buy right). You can't make money when you sell, because you can't sell for more than the market value--someday you will see what I mean.
The auctions will almost always be on the front stoop of the homes in question and often you can't even get inside to see the condition. And, coupled with that, these homes may come with back taxes, sometime IRS liens and occasionally other mechanics liens. But if you want a deal, this is one way--but not for the faint of heart.