How to back out of HomeSearch.com auction contract

4 Replies

Hello Community!

I recently bid on a homesearch.com property and finished as the high bidder. Reserve was not met.  In past experience, when I was high bidder and reserve wasn't met, offers were declined or at least the seller asked me to offer my best and final.  

Assuming the seller wouldn't accept the offer below reserve, the cash to be used is not available. Homesearch just emailed me that the offer is accepted!  While the deal is attractive, I am exploring ways to get away from the contract as cash is no longer available for this project. While I should have waited for seller response, I jumped the gun and assumed they wouldn't accept. Has anyone run into this situation on HomeSearch?  How do I avoid penalty and stay in good standings with HomeSearch. I'm very active on HomeSearch and don't want to be black balled from future bidding not do I want to lose the prebid $2500 registration hold. 

I don't think there is any contractual out, unless they can't close on time.

If you want to PM the details, I might have a buddy interested, especially if it's a rehab opp.

Like @Wayne Brooks said there is probably not a way out. Maybe he will have a buyer or you can reach out to other investors. Look for hard/private money or a JV deal. Good luck. Mike

Originally posted by @Pat C. :

Hello Community!

I recently bid on a homesearch.com property and finished as the high bidder. Reserve was not met.  In past experience, when I was high bidder and reserve wasn't met, offers were declined or at least the seller asked me to offer my best and final.  

Since you stated that the reserve was not met, the Auction did not really have a high bidder when the Auction closed. I would email homesearch.com and tell them since your bid did not meet the reserve, you committed your funds to other deals and will not be able to close.  That might be enough to get out of it without bringing in lawyers or getting dinged by homesearch.

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