You might be surprised at how an auction works. Often the bank bids what they have out on the house as the opening bid, it is not run like Storage Hunters biding on storage lockers starting at $1. The bank bids what is owed on the house so they can get it back and into their name, as owners, so they can sell it later after they do appraisals and inspections and get the current owner out. Plus they require cash, if he has that much cash he should have made you a loan to make the payments.... more
It would depend on what was written in the sales contract. Short sales, even though still owned by the seller, are dependent on the bank to close. Check with your agent to see what was written into the contract.
Angela S. Mullis
Charles Sampson Real Estate Group
Charter I North
Hilton Head Island, SC... more