You can get foot traffic and people driving by.

But for many people, it is one of a number of sources of deal flow, to add to MLS listings, wholesalers, direct owner outreach, auction, etc.Assuming you are specifically talking about sheriff auctions, just make sure you familiarize yourself with the general procedures for the auction.  

I just don't want to waste my realtors time with backing out on 2 deals in 1 monthmaybe I am missing something but why two closing's? 

I advise all of the people that want to buy another property inside of a year to use a Wally Wrap because they write a wrap around the wrap so that the seller has an asset to show their next lender.

I help people get funding (mostly through Chase) with good terms like 0% interest for the first year.

I am that guy in the comments that calls these people out.

I've had people tell me not to worry about it and to just do it, and I've had other people say the bank will call the loan due.

(YAY - I love people becoming biz owners).   

My first home was 6% and my wifes was 8%, so people looking at 7% today as crazy - that was normal.

Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started.