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Updated over 2 years ago on . Most recent reply

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128
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Huso Akaratovic
  • Flipper/Rehabber
  • Newport News, VA
54
Votes |
128
Posts

Auction.com falsely misrepresented property at court steps?

Huso Akaratovic
  • Flipper/Rehabber
  • Newport News, VA
Posted

Greetings, 

I was at the court steps auction on August 31 that was being conducted by the folks from auction.com. I was bidding on a condo that was advertised on the auction.com as 4 bedrooms and 1 and half bathrooms.  I happened to be the highest bidder.  We now believe that the condo is 2 bedrooms and 1 bathroom, I haven't been able to go inside. I believe it is still occupied. Now, before everyone jumps on my throat about my due diligence, YOU ARE right. I should've done a better job. Although, I can still make this work where I will have a good cash flow, or even off load the unit and break even. 

The real question is: Besides my lack of attention to details from the beginning. Could I hold anyone responsible for this? are they allowed to falsely advertise properties and get away with it? There were 2 people bidding against me that day, one of the individuals I know personally, and they were also going based off 4/1, which makes me believe that the 3rd bidder was going based off the same information. 

I am closing on this property regardless. I just wanted to hear everyone else's thoughts. This tread could serve as a reminder for everyone else to do a better DD. 

Most Popular Reply

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Replied
I bought one in May on the courthouse steps, was advertised on auction.com but conducted by county sheriff.  County tax records stated it was a 2 bedroom, so that's what auction.com stated as well.  However, they've never been in the house, and I had no way of getting in and finding out for myself until afterwards.  Fortunately I got it cheap enough and the condition wasn't too bad so I'll be ok on it, just one of the risks of buying at the sheriff sale.

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