What is process for buying auction homes

[Trey Antwine]

I've found my first investor home. It is a 3/2 brick home, built in 2007, 1580 sq ft foreclosure home. Listing on Zillow says auction 3-17 at courthouse with opening bid $57,500. Also on Zillow are prices of each home in that neighborhood that ranges from $143K - $104K. How will this auction work? Why is the opening bid so low compared to the other homes in that area? Will they sell it for $57,500 if that is the only bid or will they sell it for what the remaining note at the bank is? If the bids don't reach the sum of the note at the bank, does the bank have the right to refuse a lower bid?Instructions say to have cashiers check at courthouse for purchase. How does that transaction occur if unknown final price?