With millions of homes in or approaching foreclosures, auctions are an increasingly popular method of liquidating inventory quickly.  Banks unload distressed properties in a hurry, and potential buyers can compare and bid on dozens or hundreds of homes in their area in one place.  It’s a win-win for everyone, as long as they’re prepared.  Here are six tips for keeping your game-face on and getting the most out of an auction.

1. Know your goals: Talk with your family and decide which features are most important to you.  Do you want a property that’s close to work?  In a good school district?  Near public transportation?  Write down every feature and assign each an importance rank of 1 to 10.  When you evaluate properties, assign a score of 1 to 10 to each (to the best of your ability–some aspects of a property, such as interior condition, may be hard to judge).  Multiply the score by the importance and add all the numbers together.  Your total score isn’t your only metric, but it may help you focus on what’s really important, once the emotion and excitement of the auction take over.

2. Know your limits: Any auction has the potential to carry you away and make you overbid.  Don’t get caught up in the game, and don’t ever think your current chance is your last.  With a glut of distressed homes on the market, you’ll have plenty of chances to find your dream home.

3. Focus: Narrow your choices to a few likely prospects.  You’ll need as much information as possible, and you simply can’t do all the necessary research if you can’t focus your efforts.

4. Stake out your prospects: You can research home values, crime rates, walkability, and school quality online, and that’s a great start, but to really connect with a property, you need to see it in person.  Drive by interesting houses, and bring the whole family.  Walk the streets, and introduce yourself to the neighbors.  Ask as much as you can about the current owner.  If you can, meet the owner in person.  You may be able to work out a deal before the property goes to auction, and you might be able to catch a glimpse at the interior.  And remember to take as many pictures as you can.

5. Watch the pros: Auctions are full of professional homebuyers.  If there’s no other interest in a property that seems too good to be true, there’s probably a reason.  It could be something that’s inconsequential to you (like distance from a major metro if you work from home), or it could be something important that you’ve overlooked.  You might want to ask a friendly pro for an opinion.

6. Don’t expect miracles: You might be the lucky one who doubles her money in 3 months, but you’re more likely to get a fair deal on a property that needs a bit of work.  You’ll probably see only a 5-15 percent discount over comparable homes, unless the local market is particularly soft, or there are major repairs to be made.  If you’re looking for free money, you’ll be disappointed, but if you focus on what’s important, you can find a solid deal on a great home.