Auction Property in Iowa

[Ryan Parnow]

I am in the process of buying a property through auction.com in my area.  I am told that they wont have an abstract for the property.  How big of a deal is not having the abstract?  Will that present problems if I choose to sell the property down the road?  If I have title insurance, will that cover me? I am assuming I would need to pay for an abstract if I end up selling to a buyer that needs to finance the property.  Is that correct?  Finally, how do people deal with not having an abstract when buying at the sheriffs auction?