How do foreclosure auctions work? (settlement, prices, property, deposit)

[opt4today]

I am sure things vary and not every one is the same, but can someone knowledgeable about sheriff's auctions for foreclosures tell me how they typically work?
Do they actually audibly auction like a farm auction?
Do they start at the highest $$ owed the bank and work lower or do they start low and work up?
What is needed for a bidder to be eligible to bid?
What is required if you are the successful bidder?
Thanks

[chet everett]

Lenders typically do not participate in "sheriff's auction" -- more common that the lender would use an auction service. Even many counties have moved away from the "court house steps" type stuff for delinquent tax auctions -- much more civilized to have a real marketing plan to get bidders out...

Typically bidders need a pretty sizable cash deposit, $5,000. Cashier's checks are common -- nobody wants to see a "hold up" break out. The terms of settlement are generally published ahead of time, and that might be as little as 24 hrs for some.

Live auctions are pretty standard -- bidding generally starts where the lender things action will be best, lately that often means LOW and then moving UP. Lenders can participate in the bidding to drive prices higher, but if they get bid out the others there is a risk that the property will be re-auctioned.

Biggest downsides are the speed, very hard to make a accurate assessment of the condition of property and set a reasonable limit. Novices (and even experienced investors) can often do much better in a slower more deliberate pace...