What are the risks associated with trustee sale and mitigation?

[Yi Lin]

Hello BP Family,

I have been doing research on how to properly buy trustee sales in Midlothian VA. There are great pieces of information but i'm struggling to find a location where all risk associated with their mitigation strategy. With that said, I will listed all the risks associated with buying trustee sales that I gathered.

1. Liens on the property.

2. Occupancy permit yanked or condemned.

3. Buying a 2nd position mortgage.

4. Evict occupant? or maybe even tenants?

5. Limited ability to inspect before purchase.

6. Some states have redemption rights.

7. Close within 15 days or forfeit deposit.

I'm not trying to over analyzed or over thinking trustee sale but the terms requires cash and close within 15 days so I'm just trying to understand what I'm getting myself into.  

1. This one is fairly easy?  Just get a title company to do a title search?  My issue with this is after spending the money to do the title search but when i go to the auction that house is no longer available, didn't I just waste my money or is this just part of risk of doing business?  Any way to mitigate this?

2. If the property are single family, then will this still be an issue?  What's the reason for occupancy permit to be yanked or condemned?  How do I find the code enforcement people?

3. How do I know if I'm bidding on a 2nd position mortgage or not?  I understanding sometime it is no big deal to bid on 2nd position mortgage if 1st position mortgage amount is small.

4. Is this any different than evicting someone who don't pay rent?

5. Any creative ways of seeing the condition of the inside other than just looking from the outside windows and doors?

6. Does this mean after I bid and won the house, the owner could still get the house back??  How do I find out if my state have redemption rights?

7. Never done a cash purchase before.  How soon can closing happen if it is a cash purchase?  Not worry about this one as I can check with my settlement company.

Sorry for all the questions but I figure it is better to ask all in one go than multiple questions.  

Thank you in advance for your time and for sharing!