Land in our area doesn't come up very often, so its a gamble to just hold it and wait. 

These tend to be unsecured and/or to unsophisticated investors which, to me, is gambling.

So, it seems the gamble here is what other bidders will drive the price up to.  

If I was a gambling man, I would imagine they do Rookie again :)

Or what I would call slumlords.Or you have the numbers and can afford a gamble.

If you're not looking at a timeframe of at least ten years, you're not investing, you're gambling. 

Investing, even in real estate, can be a calculated gamble.  

@Tyler Gamble welcome to BP. 

Well to me that is speculating AKA GAMBLING,HOPING,WISHING now that may work for some, but Im an Investor....WHAT I HEAR AND WHAT I READ IS.....CASH FLOW, CASH FLOW, CASH FLOW IS KING!!!!!!!!!  

The pros and cons honestly vary the biggest consistent pro is the fact that you have potential to get a cheap investment property the consistent con is these properties are generally site unseen so you do not have any clue what you just purchased.Then you have the variables like does the county your purchasing the foreclosure in provide clean title, do they expect you to pay delinquent debts on the property, location of property, rent rate in that area, etc.At the end of the day purchasing at an auction is a great risk if you have capital to gamble otherwise stick with foreclosure