Considerations
There are hundreds of things to consider, and if you're not familiar with the area the property is located in you won't have a feeling for the common problems that can plague properties there--so you won't know which questions to ask.
The Safety Buffer
The good news is that real estate auctions on eBay, Yahoo! and other similar online services are not legally binding. Those companies are not true auction house that are licensed or qualified to sell real estate. The service they offer is simply an interactive advertising tool, one that sellers can use to connect with potential buyers.
After bidding closes, buyers and sellers get together and attempt to work out a true real estate contract that adheres to the laws of the state where the real estate is located.