I'm totally confused!!!!!! Please Help.
I have been researching auction buying. Researched the properties I'm interested in buying, auction is 2/4. Contents of literature I read today advised that "if you buy at auctions, you will lose money. Mortgage companies are primarily the hishest bidder. Your best bet is to wait until bank buys back property, and deal with them." So if this is the case, why is there so much hype about BUYING AT AUCTION?? 
If you are new to REI, I would be very careful about going to those auctions. Honestly, it is out of your league.
Best time to get said property is pre-foreclosure or once the bank gets it (REO).
My 2 pyreal.
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Remember oncloud9 that banks are not in the real estate business, they are in the lending business. Unless the property has a ton and I mean a ton of equity in it they generally don't want it back. Also consider that you need alot of cash to buy at auctions. I would try to aquire properties by using many of the creative financing options available then go to the courthouse sale as an end of the month "last shot at getting 1 more deal day" That is unless you have a bunch of cash.
Dan
I have a mentor/investor, her money, I live in Metro ATL and she's in California. I gave her all the specs of the houses for auction, after driving by. She advised me on the houses she's interested in and what my highest bid should be. So, I've been really hyped for "My First Auction". But with the conflicting literature, I think I should wait to see if they go back to bank.
Some help to clear things up.
Be careful with the literature that you purchase. There are a lot of pieces out there that are more hype than educational. The real estate "education" market is a booming place. I would suggest you take your time, focus, and try and define goals first. Ask the vets (like John $CASH$ Locke) here what they would recommend for first timers and stay away from the "make you a zillionaire in 24 hours" materials.
Try to start with the simpler things (basics of the real estate world) then work your way up to the more involved strategies. I'm having to go back and learn quite a few of these basics in order to understand the "creative financing" techniques.
I'm not an expert by any means but I can definitely tell you what information overload is all about. It's a nasty place to be.
Ask questions and then ask some more questions...soon things will all start to click.
Good luck!
There are many advantages to buying at an auction. I'm also startnig this year with auction deals, but the drawback is the amount of legwork required. You have to go look at the place, drive around, etc.
Finding good deals also are not easy to find. I'm still in a toss-up about shooting for houses at auctions, and buying from the desperate owner just before the auction. There are great advantages to both.
Create a plan, stick to it, and analyze the risk/reward ratio.