auction buying

[Mary R.]

I've been interested in a porperty for a long time. In May 2010 it was offered at auction on the courthouse steps, I understand the bank took it back as no one would meet their minimum bid of 146K. A few weeks later it was on the mls for the same price, and recently reduced to 126,900. AFAIC, it's still way high, but getting closer. I thought to offer about 86K. I haven't done it yet,as I'm not quite ready to buy, and don't want to for another 2-3 months, depending on what the economy is like. But if I can get this house at 80-90 or so it would work for me.

Now the mls blurb starts out with "THIS HOME IS UNDER AUCTION TERMS...DETAILS COMING"
Can anyone tell me what that means?