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?