Is the starting bid at a foreclosure auction ever the winning bid? We saw a house that is coming up for foreclosure auction and the starting bid is $5,000. Does that mean if we want to purchase the property, do we pay that amount , and someone could outbid us, then we continue to bid sort of like e bay? We are new to this, and just wanted to get a general idea on how to buy at an auction. Thank you for your time in advance.