Auction fix and flip…. good or bad?

[Bryn Tufts]

Hello everyone! I am new here to bigger pockets and just getting started in the real estate business. This has been a passion of mine for a while now and after leaving a not-so-great job, I decided this was the best time to jump in! I am very interested in fixing and flipping houses in my area. There are quite a few properties near me that are up for auction. I have done a lot of research on the auction process and have learned a lot so far. There are still a few questions I have left and thought I would give bigger pockets a shot...

1. Are buying houses at auction a common thing to do? Or do investors tend to stay away from these due to the possible unforeseen costs associated with buying the property without seeing it? 

2. Would a hard money lender approve a loan for an auction purchase and rehab? (with the assumption that a bid would not go higher than a certain price to account for renovations, possible unforeseen costs, RIO, etc.)

Thank you so much!