Auction Question

[Stephanie Polydoroff]

Hi there,

Attended my first auction today to watch and it was an interesting experience! I was pleased to see there are still deals to be found in hot markets like Phoenix. Though..I left with several questions.

On the auction list it has the estimated starting bid and then they have the total debt estimate. Houses went for cheaper than the total debt estimate.

When you purchase a house at the auction will you be paying for anything past the winning bid amount? What does the total estimated debt mean? If there is a loan outstanding greater than your winning bid will you be responsible for it? 

Feel free to offer more advice than just the questions I asked.

Thanks for the input :)