Who has experience buying REO from auction.com

[David Kirchhoff]

who has experience buying REO's from auction.com. The good the bad the ugly?? I'm looking at one in my area with an opening bid of $5000. I've reviewed all the county documents, liens, etc. this appears to be the 1st position foreclosing. They state all taxes are paid up. This is my first on auction.com. Question, am I bidding on buying the property at high bid is it, or is the a bid to assume the mortgage that is $70k? Also, once it's an REO it has to be clear title right? Do they offer title insurance? Any info would be great. Thanks