I have a bought properties off Hubzu.com and Auction.com and the process is certainly a little different than normal. They both use standardized documents and typically have these documents available on the property page. My suggestion is to have your attorney review these prior to bidding because once you have won the auction they move to contract and deposits very quickly and don't give much time for document review and such.
Also, both sites will bid on behalf of the owner and allow bidders to set max bids and do an auto bid so a lot of times the prices just seem to be going up automatically and it is because they are... One interesting trick is that the sites will typically relist properties if they don't reach the reserve price. However, if they receive many bids they will either relist the property at the same or a higher starting price. If the properties don't receive any bids they will typically lower the reserve price, so sometimes your best strategy is to sit on the sideline and not bid when the properties first hit the sites. This helps to bring the reserve and starting prices down to more reasonable levels. I bought a property in December off Hubzu that had been on the site for months, getting relisted week after week after week, but I didn't bid on it until about month 2 because the prices were just two high and I didn't want to show a lot of activity on it.
