Average discount for foreclosure at auction?

[wescobrk]

I know the board doesn't typically discuss real estate but I would love to get some insight since there are so many bright people on this board.

I've never bought real estate before but there is a property that I know very well going for auction on tues in texas.

Lets assume I'm aware of all liens and encumbrances and ready to buy. In texas I've been told I have to pay in full with a cashiers check. I'm sure this is a dumb question but ill ask anyway. Since no one knows what the winning bid will be for that morning what happens if the cashiers check is higher than the winning bid?

I would love to buy it at a 50 percent discount. Is that uncommon? Meaning from other houses on the same block.

I'm assuming it will go for pretty cheap because the house can't be viewed prior to purchase (except from the outside).

Thanks for any help!

I bet Jeff would know how to handle this.

I sold a lot of my bac options today to free up some cash (thank you citi for the large pop!)

If I don't get it then ill rebuy bac on tues probably.