What are the good and bads about buying a foreclosure home in a auction?

I've never brought a home before and was doing some research about the different options. I was told if I could buy my home straight out that would be better, so what are the good and bad about buying a home from a auction that have went into foreclosure? What is the difference with rent to own and do credit and renting history have anything to do with any of this. I have perfect rental history and my credit is good .