Foreclosure Auctions-Buying on Courthouse steps?

I have never tried, but of course part of the pro's are that you get property for very cheap, of course party of the negatives are that you have to purchase the property via a quitclaim deed, which means you just take the land as is, there could be other enbrances on the land, tax liens, things of this sort that could certiantly offset the savings, plus you also would not be able to inspect the place and things of that nature. So its just a real gamble, real cheap property that could pay off, or it could be a real headache.