All Forum Posts by: Bryan S.

Thank you Peter. My purpose for reaching out to the community was to find out if anyone had been through a similar experience, but you are correct and we are reviewing our options with legal counsel. I appreciate everyone who responded. 

Hi Matt. Thank you for your response! That is a direction I will look into as well. 

Hi Nicky. Always good to chat with a fellow Columbusonian! Was courthouse/ hand form on laptop open bid purchase. The reasons for not purchasing are a little more complicated than just the straight #s. You are right, market is solid and would probably turn it for profit. A few extenuating circumstances have me preferring to walk and lose deposit at this point in time.

thanks John! It's a 3 member LLC so truly filed as a separate entity.

Appreciate it Jay! You are correct with most of your assumptions. It was just a boilerplate bid form. There is nothing stating it constitutes a contract on the form or on Foreclosure Office  (Sherriff) website stating such. It's a higher end property so I understand why a bank would be more likely to pursue this one versus the 2 that I did not purchase before. At this point I would be fine with being added to no-bid list and have already wrote off my inutal deposit. I would even consider settling with the bank but not okay with an open ended 'come after you for the difference' situation. In theory with this property that ## could be 6 figure. 

Really appreciate the community help!

Thank you again for your input!

Really appreciate the insight Tom! I had previously had 2 properties that I put a deposit at the auction & did not purchase. I just advised my title agent that I was not proceeding and never heard anything further from foreclosing lenders. Most of the 'piercing the shield' info I've found seems to be specific to cases where one has signed a formal contract. In this case I have my attorney researching whether the bid form at open outcry would constitute this. 

Thanks again

Hi BP team. Long time reader, 1st time lawsuit-facer. In a nutshell, I have an LLC and have completed several sucessful foreclosure purchases and resales in Franklin County OH. The last one entered a purgatory of legal delays before bank issued letter to proceed. By time they were ready to move forward the deal was no longer attractive and do not want to purchase. I'm okay with losing my 10k deposit and walking away. Now being threatened with lawsuit by bank to compel me to purchase home. The threat is they sell and come after me for difference in my purchase price at auction and their sale price. Anyone face this? Am I protected from personal liability by my LLC?

TIA!