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? 

[Wayne Brooks]

@Helen Zhang There is no contract in a foreclosure auction....this is the last step in the foreclosure process. REO sales are most often done by Special Warranty Deed, or by quit claim deeds. Foreclosure auctions result in some type of sheriff's deed, certificate of title, etc.