How to buy from Auction.com

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Never have bought anything from auction before. But I am trying to use my cash in a better way to find a good deal this time. Found a SFH on auction.com. Understood all auction buy need to be in cash. But the question here is how much risk do I have to buy a property on Auction? And what is process of closing the deal. Let me have an example here for a property A listed on auction.com which I am interested in. It say the estimated open bid is around $400k. I know the similar house in the neighborhood is around $600K - $700k. Let's assume if I could win the auction of this SFH at around $500k. But what risk do I have? I don't get chance to look inside of the house. Neither do I have any inspection report. Auction.com lists a few important docs:

Trustee Sale Terms and Conditions

Sample Trustee Deed Upon Sale

Sample Certificate of Sale/Receipt

IRS Form 8300

Foreclosure Property Information

Title Insurance Policy Information

I think the 1st four docs are those I need to fill up, sign up when auction is done.  Last two were where real meat is, especially the "Foreclosure Property Information".  I browsed over this doc.  In its "security Instruments" section, it gives list of mortgage, lien from 2003, 2005, 2006 and latest to 2015.  For the mortgage in 2015, it seems lien to Capital One Home Loan.  But I don't know if there is other lien.   In its "Judgment & Lien Instruments" section, the amounts seems only $3000 to favor of Capitall One Bank.  

For that amount $3000 and put this SFH to the auction, is it real? If it is, what can I pursue, what is the process involved in the auction buy? How can I make sure if there is other lien or any other outstanding cost associated to the property?

J.