How Do Foreclosure Auctions Work In the Northern Virginia Area

[Ali Kassam]

I'm brand new to investing and just got my VA real estate license. I went to my first auction in Arlington last week. It was held by an auction company on a private home, not a foreclosure. It was quite thrilling, and while I spent a good bit of time networking with people, none of the people I spoke to knew much about how auctions work.

How do auctions work in Virginia?  What types of auctions are there?  How do foreclosures work?  How long after the auction do you have to make payment in full?  Are there sites that list out what auctions are happening?  

Any and all information is appreciated.

[Brandon L.]

I would assume the competition at the foreclosure auctions is extremely high since foreclosure rates are low, but i do not have personal experience.