How do Sheriff auctions work? Are you allowed a contingency period?

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Hello,

I work in investments but have never purchased a property directly through an auction of any kind. For Sheriff auctions, I have been told there is no contingency period and that the purchase is final. Is that correct? I realize this may vary by state, so I am refering to California sheriff auctions. Do any of you have any concerns or horror stories etc about buying through auction? I greatly appreciate the discussion.

Thanks!