Real Estate auctions have gotten increased exposure, and buyers often ask me if this is the best way to get a great deal on a property.  The answer to that really depends on the individual buyer.  There are some things to keep in mind regarding auctions:

1. Selection is limited - Properties available for sale through auctions are normally distressed sales and a much smaller selection compared to listings on an MLS.
2. Condition - These types of properties usually require maintenance and the potential buyer should always insure they visit the property prior to the auction with a knowlegable expert to identify necessary reapirs and an estimate of total costs.
3. Be Prepared With Several Properties In Mind - This is similar to any home search and buying a property.  Remember, you will be up against a visible large group that will also be bidding on the property.  So you can get out bid.
4. You are on your own - This is probably the most important component.  If you are not familiar or are uncomfortable with auction environments they can be quick-paced and confusing.  Your preparation, scheduling of visits, researching of the property, gaining capital (many properties require cash-on-hand), closing the deal is all on you. 
5. Competition - Keep in mind that many of those who attend auctions and purchase there are experienced in this and often are investors with cash on hand.  Most are not the normal homebuyer.  So you will be competing with individuals that do this for a living to make profits off of the property and they will be agreesive with great deals.
6. Financing - Some properties it auctions may allow for financing.  Many will need cash to close.  So you will need a significant amount of cash on hand as well as the ability to finance to insure you are able to bid on the widest range of properties.

So if you are not experienced in this area, and not in a position to do all of the leg-work involved in getting educated and prepared; it may not be the best option.  Remember that all the while you are getting ready for the auction dates, you may be missing out on great deals available already. 

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