Updated over 10 years ago on . Most recent reply
probate auction
I see a few houses that are for sale at probate auction.. what do you guys think of these deals.. what happen if i win the auction and change my mind? can i still decide or is it too late? what are the penalties?
Most Popular Reply
@Susan Capeta @Account Closed I don't know exactly what is happening in this situation, but an estate can simply decide to sell a property owned by the estate via auction.
Read the term of the auction. Often auctions say "property will be resold at the risk and expense of the defaulting purchaser" This means they can come after you for the new auction price and what you bid. Or it may say that you simply forfeit our deposit if you default.
The bottom line is you should not be bidding at auctions if you are going to have second thoughts or do not have the cash to buy it.