I just went to an auction seminar for Realtors. Like the other answers, the auctioneer (who is also a Realtor) agreed that you won't get a real deal, that the homes at auction are sold for 85-110% of market value. The buyer also pays the "buyer's premium" when you buy the house that adds to the sales price. They do have an inspection date and time that you can do inspections, but that's money out of pocket even if you don't buy that home. If you choose to go to an auction, I'd bring a Realtor with you, and make sure that you have a really good idea of the market value of that house before you bid too high. I'm not sure if you are actually talking about this type of auction, or if you're asking about a Trustee Sale, which is sometimes called an auction, but is sold on the steps of the county courthouse. These "auctions" are becoming a thing of the past, but still happen occasionally. I hope this all helps! Good luck!