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Gail, Other/Just Looking in Jersey City, NJ

Mine was the highest bid at an auction three weeks ago, we paid the buyers premium and then a week later paid

Asked by Gail, Jersey City, NJ Thu Jun 19, 2008

the rest of the deposit. We were given a copy of the contract of sale sinned by us and the seller. We have just been told that we no longer have a contract as the seller wants more money, what can i do? When i checked the contract I see that he signed his name wrong (probably on purpose) and the auction house said that there are two owners and only one of them signed the contract. Is the auction house at fault?

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7
No one can answer this correctly for you without seeing the contract and knowing all of the facts. You need competent legal advice to resolve this - you should call a real estate attorney and take a copy of the contract with you.

Ted Stewart
Yerman Witman Gaines & Conklin Realty
2 votes Thank Flag Link Thu Jun 19, 2008
Sounds like you got a bum rap. I think the auctioneer was irresponsible for not knowing who had title to the property. I would seek the advice of a real estate attorney and have them negotiate on your behalf to work things out with the auctioneer and seller. People take things seriously when attorney gets involved.
0 votes Thank Flag Link Mon Jun 23, 2008
I Agree, no one can really answer this correctly without seeing the contract. Agents trashing Auctioneers doesn't sit well with me without even knowing the facts, very unprofessional. I recently attended the REDC auction at the Wash Convention Center and was a "Contract Signor" for a local law firm. Most of the properties were sold SUBJECT TO SELLER CONFIRMATION. The Banks, Owners, etc. have a right to do this. It is part of the business. Some properties were purchased at %50 of market. There are great deals to be had out there.....the window of opportunity is closing soon however.
0 votes Thank Flag Link Sun Jun 22, 2008
Yeah, I've heard of that auction trick. You think you've won the auction, but it is really just like an offer and now the owner (probably a bank) is giving you a counter offer. They disguise this as an auction. You're probably better off buying in the open market.
0 votes Thank Flag Link Thu Jun 19, 2008
Also, just fyi anyone offering an invalid signature on the signature line, or omitting a party, and sending the contract back to the you w/o specifing that it is not fully executed is quilty of deliberate deception, and in most cases FRAUD - especially the brokering auctioneer if they knew the contract wasn't legit due to sigs.
0 votes Thank Flag Link Thu Jun 19, 2008
YIKES! This is definetly a lawyer question. Any agent offering an opinion is over reaching. If you'd like a good, inexpensive consultation cll me and I'll give you an attorney name. 410-258-8935
0 votes Thank Flag Link Thu Jun 19, 2008
It sounds like you have a valid contract. Issues on their side of things aren't your problem. I'd tell them you fully expect them to deliver on the contract or expect all he__ to break loose and to expect a call from your attorney.
0 votes Thank Flag Link Thu Jun 19, 2008
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