The type of auction you are thinking about is an "absolute" auction. Generally speaking, a property is sold absolute after other methods of selling have failed to procure a buyer, or a very quick sell is needed, the Seller "absolutely" has or needs to sell.
This property has only been listed in the MLS for 7 days. The MLS states that "This property is now under auction terms. This property is subject to a 5% buyer's premium pursuant to the Auction Terms & Conditions (minimums may apply). Bidding starts on 4/25/14 through 5/02/14. Please contact agent for details."
That being said, if the high bid is not acceptable to the Seller they may make a counter offer or they may just put it back on the market or try another auction. If you have an interest in the property feel free to contact us and we will show you the property or send you additional photos if you are not in the area. We will assist you in making an offer and getting answers to other questions you may have. Also, pre auction offers are sometimes considered.
850-763-4459 or 850-814-8482