In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.
Some (like tax liens) can be added to the title up to 120 days after the trustee auction.
The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.
