Has Anyone bought Bank Owned Propertites?

[Frankie Betancourt]

Hello i have just won a bid auction online from a bank owned property and will receive a special warranty deed i have never bought bank owned property before so my question is. Since the people living in there home defaulted on making mortgage payments does the mortgage transfer to the house and im responsible to pay off the remaining balance? and if i get a title search from a company will they tell me if there is any issues with the title  or is that something i must figure out on my own? What should i REALLY look for when a title search is done besides Liens on the property so i wont run into any problems once i purchase the property?

[Alex Fenske]

Special warranty deed implies that there will be a title search, clean title, and title insurance provided at the closing table. I understand Michigan is not an "attorney state" for real estate closings, but given the circumstances (online auction, never bought one of these before), it may be in your interests to pay one a few hundred bucks to check everything over for you.