Advice on buying at Auction

[Raeanna Argyle]

So after 2 months of looking my next investment property (rental) with no luck I have come across a house I would love.  A duplex! But it's an Auction. This is my first time highly considering buying a house at Auction. Any advice from anyone out there who has done it before would be greatly appreciated. I believe there is a deposit to register. Do I get that back. If I get the house do they keep it? Are they free and clear houses?

[JD Martin]

Some of it depends on the auction site. Generally the deposit only applies if you are the winning bidder. There is a lot of fine print, so you want to read it carefully - you could lose your deposit, for example, on some auctions if you don't carry forward the sale regardless of things like inspection discoveries or title deficiencies. Usually these things are made clear in the parameters of the auction. You also will be (usually) responsible for percentage fees beyond what the sale price is, essentially adding to you final winning bid. 

My advice: since you are new at this, you should probably stick to more conventional methods until you get your sea legs, so to speak. I've done a lot of real estate and auctions make me queasy.