Buying auction properties in Wake County, NC

[Larry Zucker]

I have been researching the process of purchasing foreclosure properties at auction in Wake County, NC.  I understand there is an initial auction "at the courthouse steps" (announced in the local paper) in which the winner must have funds available immediately.  As I understand it, the amount of funds available is 10% of the winning bid price.  Then a 10-day upset bid process starts where the winning bid can be overtaken by a higher bid and each time a valid upset bid is placed the 10-day clock starts again.

But I still have a bunch of questions I can not find the answer to online, that I was hoping someone in the BP universe might be able to guide me through.  Things like

- How to determine what encumbrances remain with the property that a winning bidder will have to pay. 

- Why even attend the initial auction if there is a 10-day upset bid process and how does one determine what properties are in that process

- How legit are all those auction sites like auction.com.  They say they are auctioning foreclosure properties but the requirement is for auctions to occur at court.

- Is it permitted to contact the trustee of the property and negotiate a purchase prior to auction?

You get the idea, someone that has been-there-done-that who is willing to share the details.

Many thanks in advance.