Met Reserve and Won Auction and Bank Decided Not to Sell

Met Reserve and Won Auction and Bank Decided Not to Sell

Lititz, PA · Member since 2013 · 595 posts · 272 votes

We bid on a property on auction dot com. We won the auction and met the reserve.  At the last minute the seller (fannie mae) decided not to sell.  The auction dot com representative said that the status of the house changed from occupied to vacant, and she thinks this is why the bank decided not to sell.  She said they may relist it.

Is there anything we can do to convince them to follow through with the sale?  We had already provided earnest money deposit and proof of funds.

Thank you

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

    Not really.  Fannie sometimes refurbishes vacant reo’s, then puts them on the mls.....coming soon to a listing agent near you.

  • Lititz, PA · Member since 2013 · 595 posts · 272 votes
    7y
    Originally posted by @Wayne Brooks:

    Not really.  Fannie sometimes refurbishes vacant reo’s, then puts them on the mls.....coming soon to a listing agent near you.

     Thanks for your reply.  It has been listed with an agent for a month.  Will they continue with the agent only, or also with the online auction?

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