Updated almost 13 years ago on . Most recent reply
REO Problem
Problem: I was the winning bidder in a REO house auction... Signed P&S....Sent earnest $$ and POF .... Was notified by email of a closing in 3-5 days.... Today I get an email that seller(mortgage co.) is exercising right to kill deal! Any insight as to what may be going on here?'.
Most Popular Reply
If you're talking about an Auction.com, Williams & Williams or some other similar "auction" site, these are NOT real auctions. These sites are all about lead generation.
They have a bidding period (just like an auction), but the highest bidder doesn't necessarily get the house. All they get is their bid submitted to the seller for consideration. The seller then determines if they want to accept the bid or not.
This is all very clear in the fine print, which unfortunately most people don't read...