Buying Foreclosures - Help Understanding the process!?

[Matt K.]

This is a total newbie question but I would be really grateful for some perspective from seasoned investors and BPers.  

Does anyone have experience and could describe the process for purchasing foreclosure properties in the Triad?  

• Are most foreclosure "in-person" auctions conducted at the local courthouse?  
• What is the process for placing your bid?
• I've seen some properties listed on auction.com that are in the "outbid" status.  What exactly does that mean?
• What steps should you practically take to protect yourself before bidding on a foreclosure?