Investor · Pikesville, MD · Member since 2016 · 40 posts · 8 votes
Hello BP,
I bid a property on auction and a title company I chose notified me that because of multiple issues on the lien sheet and an active tax sale case, they are unable to insure this property and I contacted my second title company and the same respond I got. I am not comfortable to proceed with this purchase so what is your advice to me to withdraw this purchase agreement and to get back my earnest money deposit from the Auction company?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
We have no idea what the terms of the auction were. Typically when you "win an auction and had to place EM" it is an REO, and typically the selling bank pays off any existing liens. If it is the actual foreclosure auction, there are no "do overs". But again, we have no idea what kind of transaction this is.