Submitted by pmc on Mon, 01/10/2011 - 20:46
Posted in
I recently attended a bankruptcy auction for land. The notice/advertisement stated that all bidders must have a certified deposit check. I was one of two bidders at the auction. The other bidder did not have a certified deposit check and was the high bidder. Should not having a certified deposit check, as required, have disqualified the bidder.
The bidder has not been able to obtain financing within the given time period and I am able to purchase the property at my last bid. Am I obligated to that bid offer or can I negotiate since the only other bidder I was going against did not meet the pre bid requirements and could not obtain financing.