Researching for a foreclosure auction, quick ?s

[Anthony Alexander]

There's an auction coming up here on the 7th and I'm researching some different properties to bid on.

On some of the notices of trustee's sale it lists a dollar amount in the top left corner, here's an example: http://www.nuecesco.com/Home/ShowDocument?id=21747

What is that amount for? Is it the starting bid or reserve price or maybe the outstanding mortgage balance? I know that neighborhood and have glanced at that property, I would say it's worth slightly less than that. 

Also, if I'm planning on using a hard money loan to acquire a property from this auction, is there some sort of proof of funds I can get from the lender that will satisfy their requirement? It says cash/cashiers check only. This will be my first auction and I'm unsure of how the process works.

Thanks for your time.