Auction.com acceptance process

Investor · Johns Island, SC · Member since 2014 · 120 posts · 41 votes

How often do Banks refuse to ratify contracts after a successful auction.com bid?

Bid was won this week, signed their paper and submitted earnest money. They gave me 24 hours, now they say the bank needs ~10 days to review my offer.

I'll be frustrated if they reject my offer after I already agreed to their terms.

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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Usually after they send you the contract, you're okay. of course assuming no title issues.
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Account Closed
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
It aint over til its over I recently won an auction on Hubzu signed everything but if you read the disclaimer is that it is not a contract until the seller signs.They can still accept back up bids ,take higher offers or relist it
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John Vietmeyer
OP
Investor · Johns Island, SC · Member since 2014 · 120 posts · 41 votes
10y
Good feedback. I'll keep my fingers crossed and report back when I get a response.
Tkx
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John Vietmeyer
OP
Investor · Johns Island, SC · Member since 2014 · 120 posts · 41 votes
10y
I'm still waiting for ratified contract. Auction.com says they have up to 14 days.
Went by the house today and found a sign stating that the place was found vacant and to call immediately if occupied. I'm scared they will reject my offer if determined vacant.
Hard not to bite the fingernails with these deals.
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John Vietmeyer
OP
Investor · Johns Island, SC · Member since 2014 · 120 posts · 41 votes
10y
I received acceptance today! Now I just have to clear title insurance and figure out how to insure a house with no appraisal or inspection.
So far I have to say auction.com has been professional and responsive.
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