Trustee's sale question Miat or Cultuslake...

Found some Trustee's sale info on local newspaper, See below. Is this the county court auction step? Am I able to look inside the house before this auction? What kind of risk do I face if I buy through this auction? Thanks!

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"NOTICE OF TRUSTEE'S SALE APN: xx-xx-xxxx-xxx Trust No. xxxxxxx-07 Ref: Avery Henrichsen TRA: Loan No. xxxxxx9708. IMPORTANT NOTICE TO PROPERTY OWNER: YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED March 21, 2007. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THIS PROCEEDING, YOU SHOULD CONTACT A LAWYER. On July 02, 2008, at 11:30am, James H. xxxx, Trustee, as duly appointed Trustee under a Deed of Trust recorded March 23, 2007, as Instrument No. 10042759, in Book 9439, Page 402, of the Official Records in the office at the County Recorder of xxx County, State of xxx, executed by Avery Henrichsen, will sell at public auction to highest bidder, ...... Inside the rotunda at xxxxx(court address) all right, title and interest conveyed to and now held by it under said Deed of Trust in the property situated in said County and State described as: xxx(Property address). Estimated Total Debt as of July 02, 2008 is $375,338.98. The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. Said sale will be made without covenant or warranty, express or implied, regarding title, possession, condition or encumbrances, including fees, charges and expenses of the Trustee and of the trusts created by sa id Deed of Trust, to pay the remaining principal sums of the note(s) secured by said Deed of Trust. The current beneficiary of the Trust Deed as of the date of this notice is: Mortgage Electronic Registration Systems, Inc. "