Sorry for the ignorant question, but I've never before bought at a foreclosure auction. 

Hello BP community,My name is Keith, and I recently won an investment deal on Auction.com. The final bid was for 125K, and the property's resale value is between 189 - 199K.The property is in the foreclosure process, ...

Next time plan on cash only for auctions.

get on the mailing list of all auction companies in your area, attend auctions,deal with trustees on no sales, subscribe to the Legal record in your area, follow tax sales, sit in housing and rent court.run ads in papers and radio - WANTED real estate, houses, commercial and non-conforming properties, any condition to purchase, control or assign. 

I am looking for information on tax liens auction.

Car was repoed, house was foreclosed and off to auction and I was jobless.I am just now picking up the pieces.I had coworkers tell me to talk to homeowners insurance about the problems before the foreclosure but homeowners insurance told me I needed to know who did the repairs on the roof from my agent and never was able to get that.

Auctions look like a walk in the park but I know there is way more to it than the eyes can see.

@J ScottAre you mainly flipping auction properties or REO's listed on the MLS?

It was a foreclosure auction held at the courthouse .

Its hard for me to imagine the property would sell for more than 70% of market value at a foreclosure auction and any other buyer is just a plan at this point.My advice, as a rank newbie you should probably ignore, is: Stipulate in the note, to the extent possible legally, that the proceeds of the loan are solely for payment of the first lien (arrearage and pre-payment of next 3-6 months months payment) and ensure the closing agent gives the money directly to the lien holder.Change the terms of the loan to be strictly interest and points for only a 3 month term and let the borrower worry about the equity