Met Reserve and Won Auction and Bank Decided Not to Sell

2 Replies

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

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?

Updated over 2 years ago

Also, Prior to the online auction I contacted the realtor and asked if the bank could take an offer before the auction. He said the auction had to run its course.

Promotion
BAM Capital
Multifamily Syndicator
Targeted 10% Monthly Returns | Passive Income
Backed by institutional-grade apartments, strong sponsor track record, $700M AUM, over 5,000 units
Learn More