so i saw this Roc that i really liked on the pet auction thing so i clicked on it and at the bottom there was a thing that said

your bid: 2000

and there were two buttons: bid and buyout. what do they do and am i even doing this right?

Buyout means you buy the pet immediately for the buyout price. It is yours as soon as you buy it.

Bidding means you don't get the pet until the auction ends, if no one else bids higher than you.

TANKY