LAS VEGAS -- Nevada has one of the highest foreclosure rates in the country but there is a way you can cash in on the housing crisis. Brokers said you can get some real bargains at these foreclosure auctions.

This weekend, more than 300 homes will be available for auction. These homes will be discounted by thousands of dollars from their original sales price, but real estate brokers warn buyers to do the research and learn what they're getting into.

"They get caught in the frenzy and they're bidding and pretty soon paid more for a home than we'd ever recommend it's valued as," broker Heidi Kasama said. "So, bidders really have to do the research (into the properties)."

One aspect most bidders do not realize they are responsible for is having the home inspections completed, brokers said. There are also no warranties or guarantees with the homes. They are sold as is.

Kasama said that bidders have a few steps to complete before they can participate in the auction:

Participants must register for the auction.
You have to be pre-qualified for a mortgage and bring proof with a letter from the lender.
Bring a $5,000 cashier's check.

Auction officials also said if a bidder wins a house, the bidder will be expected to pay 5 percent of the total purchase price with a personal check.

"Knowing what you can afford, being approved and knowing what the value is and having advice on what the value is important," Kasama said. "Don't go over the price that you set for what you consider to be a bargain for you."

Kasama said another tip for preparation is to look at the homes online to determine which are within the budget bidders have set and meet their housing needs.