If you win an auction but find the property is not worth the investment do you loose the 2500 deposit placed to register to bid?
Asked by chris c. on 10/7/2015
3 Answers
Mark H.10/10/2015
If you win the auction it is a binding contract. Contracts are to be E signed within like 2hrs I think. Most are sold as is. Due your homework before you buy!
Mark
Mark
Gary M.10/7/2015
They posted title information showing numerous liens after the auction. I refused to sign the contract and got our deposit back. Buyer beware.
steve d.10/7/2015
You don't get the keys until you sign the contract, so what would change after you win the bid? The house I bought had more issues than I could have imagined, but it was cheap and until you get to the guts under the roofing and drywall it's impossible to know the real issues.
Don't bid if you don't really want the house because the earnest money is 5% and that's required after you win the bid and you lose it if you walk away.
Don't bid if you don't really want the house because the earnest money is 5% and that's required after you win the bid and you lose it if you walk away.
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