Putting together a bid on a house at auction?

Most houses sold at auction are purchased by investors who are professionals at that sort of thing. They have cash and knowledge and are willing to take a gamble at getting a good value. There can be hidden liens on the property and/or structural problems with the building that you will be responsible for. If you have never been to a housing auction it will amaze you at the speed at which it occurs, so you have to be ready when the bidding starts and know your limitations as the prices can be run up quickly and you can get caught up overbidding if you are not careful. You will need the purchase money to be available with in 7-10 days and a 10% deposit paid upon bidding. This eliminates buyers trying to finance the purchase. It is easier but not cheaper to buy a foreclosure direct from the lender through their listing agents rather than by auction.