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 10/7/15

3 Answers
Thumbnail of user markh131

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

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Thumbnail of user garym81

They posted title information showing numerous liens after the auction. I refused to sign the contract and got our deposit back. Buyer beware.

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Thumbnail of user steved70

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.

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