Hello everyone. It's been a while since I've purchased a property at the court steps so I wasn't aware of the new law that allows eligible buyers to submit bids after the auction. I won on three properties and I was notified on all three that there is an intent to submit an offer. To me, this pretty much sounds like I'm losing out on these properties while my funds are tied up for a maximum of 45 days. Any thoughts on being able to withdraw from the purchase? Major bummer because I can be using those funds elsewhere for other opportunities.
Lender · Patterson, NY · Member since 2017 · 488 posts · 186 votes
4y
1. What remedy does the statute provide? You seem to be asking a legal question if the answer is not in the statute.
2. Did you contact the Trustee to ask them? Seems to me they ought to know.
3. If you have done that without success, what does your attorney say?
Having read the statute that you cited, and not being an attorney nor offering legal advice, the statute appears silent suggesting either a) an uncodified practical custom and practice result or b) your issue is in the statute you reference but the answer is found in another.