auction.com Earnest deposit

[Maugno M.]

So ive been following a property on Auction.com. It didn't sell at courthouse and then it came on Auction.com for sale. I bidded up to the price I was willing to pay and I lost the bid. It went over like almost 5k and reserve was not met.
I received an email that day from the website stating that I had a second chance to purchase property. That if I wanted to they would present my last bid to the seller for consideration because my bid fell in the consideration range. I'm guessing I was the highest live bidder.

The guy I spoke with yesterday says that I need to wire the Earnest Money to the seller( wells fargo) with all paperwork to show that I am serious. But that it may take up to 15 days to get an answer from Wells Fargo. I told him I wanted to use my own closing company and he said that was possible but that the deposit would still need to be wired to the seller. I wanted to deposit the earnest money with my title company. What do you all suggest I do? Send the money and use the sellers closing company? Or is this a bunch of B.S from Auction.com?

[Wayne Brooks]

Yes, you need to wire the money to their title co. And yes, for title insurance you definitely want to use Your title co.