Foreclosures aren't the only kinds of auctions where you might find bargain properties. Private sales and probate auctions should both be on your list of events to watch. Both types of auctions are regularly advertised in local newspapers.

Some estates move through the courts through a process called probate and are usually sold by using a sealed bidding process. Talk to an experienced bidder or a real-estate attorney to learn the specifics of bidding in your area.

Private estate sales can be handled through sealed bids, but they are usually accomplished by holding a live auction. When a home is involved, the sale often includes both real estate and private property.

Land tracts are sometimes auctioned by developers. Land in a development that didn't do well can be a risky investment because desirability may never change. The up side is that this type of property usually sells at a very low price, so if you're willing to take a risk, sometimes you are rewarded with a property that has good resale value.

Sometimes vacant land is difficult to sell, but the same land will turn over rapidly with a house on it. Explore the option of joining forces with a builder to put a home on the property, then put it up for sale.