Recently on an online auction, I bid on a property and was the highest bidder and the winning bidder. The company sent me the contract to E-sign which I did immediately. I then went to my title company to drop off my earnest money. (Which was about 30min after signing contract) The title company deposited my check later that day. The following morning around 10am my realtor sent me a txt to check my email. Immdiately I checked my email and saw an email from the auction company.(The bank doesn't hold title on the property so the listing was removed and the property will be sold once the bank holds title to the property)
Has anyone experienced this before? Is this even legal? The whole thing seems very fishy!
Thanks in advance!
they goofed up it happens.. NEXT
Happened to me once. You don't get the deal till it closes. Especially on auction site. Lots of title issue.
Online real estate auctions are not my favorite thing, not by a long shot.
I see Lots of problems go down with these. My experience is most often the right hand doesn't talk to the left, so things go south and deals die, usually due to title issues or contract issues.
I can't say every online auction property or deed or title is problematic and unsolvable - the auction houses are in business still so they must be doing at least a lot of things right. But my experience has been problematic.
Not really a surprise that these are problematic, they are often times foreclosures, which usually have some kind of gremlin living in there somewhere.
I wouldn't stay away from the auctions just because of the problems in your situation. Solving Problems in real estate leads to making money in real estate.
Happened to us. We got back the deposit after a couple of weeks & jumped on another.
Thanks for all the responses! I was just looking for some reassurance the deal was dead and to move on... on to the next one!
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