Hubzu general questions

[Lucas Amuchastegui]

Hey BP,

I've been through about a year of BP education and feel like it's getting to be high time I pull the trigger on a real property. I'm in an area where it can be tough to make a property cash flow if it's purchased at market price, so I've been looking at Hubzu and auction.com for better deals. I just want to make sure that I'm not making any major mistakes on my first deal, so I thought I'd ask the experts!

1. I understand that when the property is labeled as "bank-owned," it indicates that the title is usually cleared of liens. If I buy title insurance, do I do this through the title company of my or the seller's choice once I've won the bid? 

2. One of the properties I'm looking at is described as "As-is without warranties." I understand that my sellers will allow you an inspection period during which you can check out the property fully. Is this standard, or do I have to negotiate that once I've won the bid? If I've already won the bid, aren't I contracted to buy the house anyway, so I wouldn't have any leverage to negotiate things like that? 

3. If I find something wrong with the property that is a deal-breaker, do I lose my earnest money and buyer's premium if I back out? Can I even back out?  

I know that these are pretty basic questions. I'd love any further advice that you could offer to help me avoid financial ruin on my first deal. So thankful for the education that this community has provided already!

Cheers,

Luke