Forclosure Auctions - Pros/Cons/Advice

[Valerie Watson]

Good morning BP members. I am new to BP and have been reading a LOT of really great posts, articles and books. I have bought and sold three rental properties as well as two personal homes over the past 15 years. I have always used conventional funding (aka mortgage). Through the forums and books, I have learned a little bit about purchasing a home via auctions" and am interested in learning more about the auction process. There are auctions coming up at the beginning of August in my area (North Texas/DFW) and there are 1-2 homes that I would be interested in acquiring and holding using the BRRRR method. Purchasing homes here in almost any other fashion is cost prohibitive as the market is over inflated. My limited knowledge of auctions is that they are primarily a way for the bank to take back the house and that homeowners and investors rarely purchase the house. I also know I cannot view the inside of the property to determine additional costs for rehab. This is fine as I am not afraid of a house that needs major work.

Here are some of the questions that I have thought about and am sure there are several others I don't know to ask.
As a first time auction attendee, what words of advice/caution do you have?  What is the best way to determine a price to pay for the home (several have minimum bid requirements)?  What other information should I look up on the homes and where would I find such information?  What should I be aware of during the auction process (online and in person)?  I would not be able to attend the actual auction but, can do it online while at my day job.  Should I have a realtor go to the auction for me as a proxy (pros/cons)? 

Any other suggestions/comments would be greatly appreciated. Thank you, in advance, for your support.

Valerie