Does anyone know how to bid in the Real Estate Auction?

[shygirl]

If I bid a property, how the the procedure? I heard that the buyer must pay the full price if they bid the house. Is it true? Can not get 80% loan from bank? Anyone knows?

[ksl]

If I bid a property, how the the procedure? I heard that the buyer must pay the full price if they bid the house. Is it true? Can not get 80% loan from bank? Anyone knows?

You would have to secure the cash from a bank before any auction, if you bid in the auction you must pay them with cash!! from the money you have loaned. And I don't expect a bank, would loan you 80% of the money, without knowing what you are buying, so unfortunately no, i don't believe they would give 80% of the cash, unless you had some assets, to secure the loan.
Auction is cheaper, but always a risk, because you don't know what you are getting for your money. So cheaper by far! You must do your research, especially on property, for the reason for sale.