The Travis County courthouse is packed the first Tuesday of every month. Businessmen and homemakers fill the court steps to take part in an event that's been going on since the birth of Texas. Our Chris Cybulski shows us an auction with some big risks.

AUSTIN, Texas -- The Travis County foreclosure auction, referred to as "Super Tuesday," is a high-stakes game with cash on the table.

"It's not a child's game by any stretch of the imagination," said auctioneer Scott Swensen.

The auction is for serious buyers

"I buy investment property to either buy and flip or hold as a rental property," said buyer Nick Nowak.

Nowak's been making a living on this since 2002, but to be successful he follows a few rules.

"We drive to every property, visually inspect it. We do a market analysis on the property and title research on the property because you need to make sure the property is clean," said Nowak.

None of these pros bid blindly.

They have groups of staff doing research to minimize their risk.

But over the last few years the game has changed.

"In the last several years, foreclosures have continued to decline," said Swensen.

"We were looking at 600, 700, 800 a month, whereas now we are at 80, 90, 110 a month," said Nowak.

At the peak of the recession, the auction saw 851 foreclosures, but this month they're bidding on 93.

"Now, as property values rise they can go ahead and sell their property and get out of it if they get in a bind. That wasn't happening back in '05, '06, or '07," said Nowak.

With fewer properties to bid on, the professionals have more power, but it doesn't mean ordinary folks can't find a gem.

"You can't take it lightly, but there is an opportunity out there if that's what you want to be doing -- especially if you're trying to make a living at it, you ought to be up here," said Nowak.

If you can put in the time and research, this might just be worth it.

The foreclosure auction takes place on the first Tuesday of the month at the Travis County courthouse.

You have to pay the full price of the house you win at the auction.

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