auction.com earnest money
My husband and I are looking to buy our first foreclosure with cash from auction.com. The property is 285000 as a reserve, but we are hoping we can get it for 270k since no one has bid on it in the last year (fingers crossed?) I know that sounds high, but these houses new sell for upwards of 360k, so we are hoping it's worth the investment.
We have studied the info on auction.com and know that our 5% earnest money will need to be wired to the bank soon afterwards if we get accepted. However, say that the home inspection reveals significant issues with the plumbing or whatnot. Can we get that earnest money back from the bank? Is that something we work out with them ahead of time?