Auction.com renegotation

8 Replies

Good Morning BP forum. I have a quick question for the group. Yesterday i won my first Auction.com home. It was listed as an "occupied" home (I stayed away as the listed asked) so my research was mostly through zillow, county website, and a drive by of the property for a visual inspection. After winning the auction yesterday, my curiosity got the best of me so I went over to the home to see if, in fact, someone was there. Turns out the occupants are gone, but to my surprise the place is completely trashed, far more so than I budgeted for with my offer. My question to the forum is has anyone had any success in renegotiating the contract price after winning a bid? If they come back with "NO" then i think i'll have to walk from this deal. I've put no money in escrow and they have released my initial funds back to me. I there anyway they can hold me to this deal?

Thanks

You cannot renegotiate the price after winning the auction. I am amazed that they released your initial funds. The downpayment is supposed to protect the seller against this type of situation.

There is all kinds of legal blurb in the contract about how they can hold you to specific performance (forcing you to close). But in practice that is not feasible and they can just withold the deposit you put down at the time of bidding.

You might want to consider cancelling your credit card, as you can be rest assured they will be taking the $2500 from it if you don't follow through with the purchase.  

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I have to say, i actually had great experience with auction.com. They told me that because i was actually bidding against "real people" that they would just offer it to the next lowest bidder. no harm, no foul. I have to say i learned a valuable lesson, don't get emotional during actions.. 

We saw the same warning on a house we are interested in, but the agent told us the door was open and for us to go look!  That was unexpected, and we micro-looked with the help of the owners father who lived 2 doors down.  Bidding starts tomorrow, wish me luck!  

People are missing the bigger picture and a few have noted it. This is not a game. If you don't know what you're doing then stay the hell out of the auction business. I specifically don't bid on auction.com because I don't understand it yet. Would you buy a used car without looking at it? Not trying to be a jerk but I hope you learn a lesson from this.