While the local real estate industry has made good strides over the years to improve how people buy and sell homes, there's still a "caveat emptor" (buyer beware) aspect to it.
For example, in the case of buying a power of sale home from a lender, were you aware that the previous home owner (the one in default on the mortgage) actually has up to and including the closing day to come up with funds to redeem their house? It's called "Right to Redeem".
So if you bought one of these houses with say, a 60 day close, then sell your house firm, you could find out in that time period that you're not going to get the house and since you've already sold yours, you have no place to live, come closing day.
Another example - If you buy a house that's listed in "as is" condition, were you aware that that could mean that it's not even legally inhabitable?
Don't rush into a home buying decision that might not be right for you. Make sure that you and your Realtor both do your homework to help ensure that you find the kind of home that's right for you.
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