Yep you are definitely bound by the timelines with regards to a title search. All part of the bumps and grinds that go along with going for trustee sales right? In general trustee sales are definitely not for rookies. However they do afford opportunity for people who want to take the time, understand them (and the inherent risks), and who have the cold hard cash to get a deal. Personally I have neither the time nor cash to do it myself.
Yet if I did have the time and cash I would take the time to learn about them and definitely attend auctions.