Financing to buy a foreclosure at auction

[Trevor Dennison]

Hi all,

I am just starting on my real estate investing journey and had a quick question for anyone who has bought a property at auction.

I know that after winning a bid on a property, payment is due within a few hours usually and most want it in cash. My question is, do buyers usually get pre-approved for X amount of money and then make bids up to that amount?

Again, I'm (obviously) very new to this and there isn't anyone I know that has experience with this sort of thing, so thanks in advance for your answers!