1. You can’t inspect the house before the auction. You can go look at it and, if you wanna be ballsy, you can look around the outside of the house and through the windows, but no more than that.

2. You get no information on the foreclosure other than what the beginning price is at the auction. You have to do all the research yourself like finding average selling price for a similar house in the neighborhood it’s in.

3. Once you buy a house, you have to find your own way into it. You’re not given a key. Most of the time you can either open a window or jimmy the lock on the front door. Also, you have to beware of someone still living in the house, squatters, homeless people, drug addicts, etc., but there’s usually no problem.

4. During inspection and figuring out what’s needed to be done, you need to follow all regulations (like wiring and plumbing) when repairing the house. You won’t be able to sell it if anything is illegal. Also, kids sometimes vandalize the house or people sabotage the house before they leave it (like filling the plumbing with cement), but it’s rare.