My first Auction.com experience

[Sebastian E.]

Hi BP,

I was the high bidder on a duplex on auction.com but it did not hit the reserve. I have sent over the contract and EMD and was told the bank would get back to me within 15 days as to whether they approve the sale.

I have a question about title insurance. The contract reads:

 
"Buyer acknowledges and agrees that no title insurance of any kind is being provided to buyer by seller , that title insurance is not a condition to closing and the property is being transferred to buyer by quitclaim deed or other form of deed acceptable to seller is seller's sole and absolute discretion, without any warranty or representation regarding title"

I'd like to get some advice whether it makes sense to shell out the money for a title abstract to check the title on this while the bank is making it's decision. Is there anything else I should be doing other than waiting? 

[Ionas Kaulinis]

Hi,

I am also interested in a property that is going to be auctioned off on auction.com. However, I am very new to this and I was wondering if the title search would show if there are any unpaid HOA dues. If not, how would I be able to find that information? Do I get that information only as the winning bidder? If so, would I be able to back out if the HOA dues are too high without losing earnest money?