Auctions. Please share your good and bad experiences.

[Ken Gurta]

I am thinking of purchasing my next property through a local Auction. I got the idea when I found out that a house in my subdivision was to be auctioned off. It had an opening bid of $77,800, Unpaid balance was around $105,000, and is worth $160,000 after repairs. Sounded like a slam dunk to me. I thought that it would be nice to have another house just down the street, but I was scared off with the "cash only-no financing" requirement on the deal. I have no experience at auctions. Any advice would be appreciated.