You can buy a home at a significant discount at a foreclosure auction, but you’ll face a host of challenges. Don’t get burned; be solutions-ready. If you want to get a good deal at a foreclosure auction, know what you’re buying and how you’ll be expected to pay for it. Start by understanding the foreclosure auction rules for your area. State and local governments set their own rules for the bidding process, amount of deposit, or whether the homeowner can get their property back after the sale. DON’T DO THIS ALONE. Learn about the process in your area by talking  a REALTOR®.