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foreclosures, auctions, bank owned...im confused?

allright, i was on Yahoo! Real Estate and they have all these auctioned homes and my question was, if i am the winning bidder, do i have to have the cash ready right then and there? or can there be a loan? im in GA is it true that there is no redemption period in GA? what do i need to look out for? whats the catch i guess...thanks for your help

Public Comments

1. I am sure the laws vary state to state but in my state, for sale by bank means you buy it as is. Same idea as buying a car as is with no warranty. I would look for a phone number on the property listing you are interested in and call and ask specific questions. Or if you know someone in real estate ask them.
2. Typically a court house foreclosure auction requires you to pay all cash. You usually have to put down $10,000 or more and then you have 30 days to close. Don't know the redemption period in GA, but if you are not a professional real estate buyer I'd stay away from the court house auctions. You don't usually get to see the houses and you need to do you research to make sure there aren't any other liens. Look at the REO properties instead, there should be lots of good deals and you can see the property before you make your offer.