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house
There are pros and cons to house auctions. The biggest pro is that it is relatively easy to get a house at a really good price at an auction. Houses can be auctioned off for significantly less than they are worth because the lenders don't want to remain in possession of the house. They just want to get back some of the money they were owed on the property.The
foreclosures
 
biggest downside to buying a house at an auction is that you are not typically allowed to see the interior of the house prior to the auction. You agree to buy the house as-is. This means you are unable to inspect the interior of the house prior to buying it, and if you discover major problems after buying it, you don't have any recourse against the bank that sold you the house.In