Auction.com Trustee Sale: First Timer Horror Story-List

[Helen Zhang]

I am in the process of purchasing my first trustee sale. (This isn't my first property, but it is my first trustee sale). The property is located in Dallas, Texas. I have won the auction, signed the contract, and wired deposit. I'm prepared for the following horror stories on the list:

1. Bank denies my offer even though I am the winner.

Less likely but possible, I read trustee minimum acceptance number is exactly what I have offered.

2. Getting a quitclaim instead of a warranty deed.

Less likely but possible, I have performed preliminary title report and obtained commitment for title insurance.

3. Bank denies me for random reasons and I am unable to get back my deposit.

4. Unable to complete transaction on time.

Less likely since I am doing cash transaction.

5. Cash for keys fails

6. Eviction Fails

Is this even possible in Texas? 

7. Occupying tenants destroys house completely.

8. House burns down before I take it over

Knock on wood but what if this happens, then what? 

9. Contractors are bad

Yes I need recommendations for contractors in Dallas, please!

10. Property Managers are bad

Yes I need recommendations for property manager in Dallas.

What other horror stories that I should prepare for that I should add onto the preparation list from an auction.com trustee sale?