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The biggest risks are with the title. You can do a search but if liens are there and not yet listed, or not listed at all you can get smoked.
Buying at auction is very, very risky. It's something you should do if you are very experienced and paying cash. If you're not both I'd do it the way I did. I've bought many properties, but I always bought after the bank owned it so I could get it cheaper and with a clean title.
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