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John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
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Investor Bought At Aucion-Turns Out To Be 2nd--Wants To Quiet 1st

John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
Posted Feb 28 2018, 11:53

This is a local ordeal. Investor failed to have title run before bidding. They paid over 100K and then find out they bought the second. 1st hasn't been paid for over five years. They believe an attorney can do a quiet title action on the 1st because no action has been taken by 1st holder to collect. This is the second time a bidder bought a second but I believe the other bidder just forfeited their deposit. This bidder wired funds and THEN found out it is a second. Is this possible for a judge to simply rule that a 1st owed over a 100K automatically has no right to their funds because they have failed to act? This sound really off to me. Any legal minds have any input?

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