There was something for everybody, though there were some limits. Each bidder brought a $2,500 cashier's check and agreed to close within 30 days, which pretty much meant all-cash offers only.
All properties included in the auction had been seized by banks, and then seized by the FDIC once the banks themselves failed. Michigan ranks in the top 10 states with the most foreclosures.
These AOL Real Estate guides can help, no matter whether you choose to buy or sell: