Buying Property in Auction - Other Risks?

[Kevin Nichter]

I am looking to purchase an investment property through the public auction process here in Louisville, KY. The property I'll be targeting is in an excellent location but I have good reason to believe it will require a major update inside (although nothing structural or roof-related). I have surveyed the property from the outside and I'm extremely familiar with the location and trends in that area. Just a few questions: 

1.) Other than the risks of purchasing the property unseen on the inside, is there any other major risk to be aware of? As I understand here in Louisville, properties are sold "free and clear of all liens" which I understand to mean there won't be any other undisclosed liens that should have been factored into the bid price. 

2.) Kentucky has a "120 day Right of Redemption" rule that would give the current owner a path to retain the property should the property sell for less than 2/3rds of the appraised value. However, the county has not listed an appraised value on the property. Am I right to believe that should my bid be the highest that this risk no longer exists? I don't want to wait months to start a rehab project. 

Thanks in advance!

-Kevin