Foreclosure Auction Process (Albuquerque NM)

[Jesus Moreno]

So, I am a complete newbie to real estate investing. I have been listening to the podcasts, trying to discern my niche, so far I am leaning to"buy and holds". The problem is I don't know how I should go about purchasing these rentals. from what I have heard on the podcasts purchasing foreclosures can be very profitable not only in cash flow and appreciation, but in experience (acquisition, rehabbing, contractor relations, and networking). 

Can someone please explain to me how this process works, and if possible how it works in Albuquerque NM? I'm a little confused some of the podcasts I've listened to mentioned that when purchasing foreclosures you don't need the full amount of your bid in cash, rather a percentage, kind of like a down payment. Other podcasts mentioned that one needs to go with hard money or private lending for the full amount of the bid, in cashiers checks. is it different depending what state one is investing in? I would really appreciate if someone could dumb down this process for me. Thanks in advance. 

[David Torres]

@Jesus Moreno the auctions are in person usually held at the court house steps on Thursday mornings (check the legals for exact dates and times)

If you bid on a property, you need to pay the same day generally.

However, in NM, almost no one bids at the auction because of the Redemption period.  If you were to bid on a property, you may win it, but another person may redeem it.  You would get your money back eventually, plus interest, but the opportunity cost of doing this is pretty high, because you won't know if it has been redeemed for potentially up to 12 months.

Let me know if you have any other questions.