Whats and Auction home and how does that work?

Question

I'm wanting to buy a home and i was looking at foreclosure but I'm not sure how they work. I know you get them at a way lower price because the people who use to live there can afford to live there anymore and i also saw a lot of houses that are for Auction. With auction houses do you have to pay the full amount or is it like a loan and pay it off with time? if any one knows more can you please let me know i've tried to look up auction houses but i cant get an answer about what they are i only get the listings. if this helps or not but i live in Frisco, TX

thanks

Answer 1

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