I wanted to share an experience. I took a buyer to auction which happened to take place in the front yard of the subject property. The auction company was well known, and I had done business with them before with no problem.
My buyer got the highest bid and we were allowed the opportunity to inspect the house just before auction. There were no utilities on.
Don't know if you are familiar with auctions, but no contingency allowed re inspection. We were not allowed into the house again until 48 hours before closing, and that is standard in their contract. However, we did go to the property several times in the interim to check it out from the outside and looking in. The house appeared as though locks were changed since auction with lock parts on the ground. While the house was locked, we couldn't help to think there may have been a break in. A search around the homes' exterior determined cut wires.
Upon returning to my office I called the auction company with worry the home has been broken into, again asking for the code for access. Denied, and was told yes somebody cut some wire, may be a cable wire, and may have been the previous owner mad. That answer didn't put our mind to rest on our inquiry. Thus, we had to wait til the 48 hour mark, got the code, and entered to find all the copper had been pulled from the house. The way we knew that was a dismembered power box in the garage, and wires standing up like soldiers in the attic! Well if the locks were changed the auction company certainly knew that, wasn't telling us there was a break in after buyer bought it. AT that point I demanded the buyers money back per his instruction, which was the tune of about $7,000 to the best of my memory. Denied.
A rash of daily emails from me for the next week calling for misrepresentation and a threat to the local media finally got them to return the buyers deposit and cancel the deal. However up to the last minute they were reminding us we missed the closing and buyer was in default.
The nerve of those people.
I haven't taken a buyer to auction since, and never plan to either!
Buyer beware.This message has been edited. Last edited by: real estate lady,
Was this recent, Rel?
no. Don't take investors to auction any more, but am selling foreclosures.
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