Home Buying in San Pablo>Question Details

Jose Canas, Home Buyer in San Pablo, CA

I won a a home at an auction and put down 10,500. After the home inspection was done we realized this was not

Asked by Jose Canas, San Pablo, CA Tue Jul 29, 2008

the home for us. We asked our agent to cancel the transaction. We also asked the title company to stop and cancel. They said they would send out some forms for us to fill out, aslo some forms for the seller. Will we be able to get our deposit back?

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Hate to ruin your day but all sales at a auction are final. They tell you that. Your best bet if your not willing to move in is to do the rehab that is needed and rent it or fix it and resell it. In you paperwork it should have either a settlement option or a statement that says all sales are final. This means its yours. Hopefully you got it at a good price. If you want me to do some comps for you email me or call me and I will tell you if you under paid or over paid.
The auctions really suck. Here is why. If its from that company with 4 letters in the name like R_ _ _ or something like that, buyer be whare. They advertised that the price last sold for example; 675,000 and then say opening bid is 185,000. But you never get it for that amount. Also they stage people in the audience who bid the price up until it gets to the point of what is owed on the home which maybe 625,000. So it is very diseiving. And in the thrill of the moment people over pay at a auction. I hope you didn't do that. Can a attorney save you, I doubt it, that just cost more money. Take this as a learning leason and stay away from auctions. Go to REO's which are bank owned properties or go to the court house steps after doing your research and buy homes from the bank on the court house steps. Buying foreclosed properties from the bank.
0 votes Thank Flag Link Tue Jul 29, 2008
It depends on the terms of the contract. Some auction sites do not allow refunds and sell the home as is. They generally hold the home open for inspections several weeks prior to the auction for folks to view and examine. Hopefully this is not the case for you.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Jul 29, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
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