I often get asked this question from buyers.. Can I buy a home at auction?  Yes you can, but be prepared to have a check for 10% of the sales price with you and an earnest money check of about the same amount.  Then, most likely, the lender will want to be paid immediately!

This is information I obtained today from the Dallas Morning News on obtaining foreclosures on the court house steps:

Investors who buy homes at foreclosure auctions get a big price break. During March, investors and individuals who acquired foreclosed homes on the courthouse steps paid less than 60 cents on the dollar, according to a Foreclosure Listing Service study of sales in 18 Texas counties.

But only about 6 percent of the foreclosures in this month's sale were purchased by outside buyers. The rest were taken back by lenders.

In most cases, the foreclosures are delayed while borrowers negotiate with their mortgage companies or because they arrange alternatives to the foreclosure.

So if you have alot of cash and can obtain more cash quickly, your lender can close fast,  purchasing a home on the court house steps might be for you!