Auctions are usually held on the front steps of a county courthouse on a weekend day or at the home itself. When you attend an auction to purchase a home be sure that you have already seen the home. The auctioneer is not going to provide details on the home and you will not know if there are repairs that need to be done. Don't just show up at an auction to purchase a house unless you have already visited the home and are aware of any issues.

The first thing that occurs at an auction is that the auctioneer will begin to read some legal information. This information may seem foreign to you but it is standard for the person to read this information. After they have spent about 20 minutes reading this information they will begin on the first home that is up for auction.

If you are thinking about bidding on a house at an auction then you may need to be approved for bidding prior to the start of the auction. Some auctions require you to prove the ability to bid on the properties such as financial capabilities of financing of the home. This may mean you need a pre approval letter of financing. You will also need to have a down payment of at least 10% for the home you are going to bid on. Some auctions may require you to give them the down payment up front so they know that you really can bid. This ensures that people who cannot afford to buy a home don't bid on properties.

Most auctions look for the highest bidder. The auction may be a verbal and public auction or it may be a sealed bid where you fill out a form to bid. The highest bidder will win the home after they have provided the down payment and filled out the proper forms.

When you win a home at a bank foreclosure sale you cannot immediately move into the house right away. The process can take up to 30 days, especially if you are trying to obtain financing. If you have the cash for the home then you may have the ability to move in right away.