Posted by Bill VA on January 02, 2016 at 17:41:32 from (216.24.79.193):
Recently, a friend of my Wife sold a home and it's furnishings via auction. In her friends opinion (and ours), it did not go well. Don't know the terms of the auction, but it sounds like the furnishing sold barely covered the auctioneer's fees for the day. During the bidding, the minimum bid on the house had not been reached and the auctioneer halted the auction. The auctioneer asked the lady, "do you want to sell the house today." She said, "Of course I want to sell it." The auctioneer took that answer to contractually to mean, there is no minimum price, restarted the bidding and promptly sold the house below the minimum. The woman was stunned. She thought the question about selling was conversation, never occurred it was binding.
This auction happened about a month ago, whatever the required down payment has not been paid to the woman, and the auctioneer is vague and not forthcoming as to when she will receive the down payment or the remaining balance.
In the mean time, the buyer has been given the keys to the house by the auctioneer and is starting work on the house, including landscaping it with heavy equipment.
It all sounds fishy to me - but maybe it's the norm?
I think the lady needs to lawyer up and let them ask the questions and demand answers.
But.....
Typically on an auction, isn't there a down payment required at the time of the sale and the balance due shortly after the sale? Working from memory here, but I seem to remember that the time line in which the payment is due kind of precludes the long drawn out mortgage process with a bank simply due to sometimes it taking several months for all paperwork, inspections, etc., to take place.
We're not getting involved, but would like to know what is the norm on a sale as described above.
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