I put a bid on a house under foreclosure through a bank now they r telling me they r putting it up for auction

Question

can the bank do that if it was first presented just as a regular listing?

Answer 1

Yes, they can put it up for auction.  Clearly they want a better price and hope an auction will do it for them.  On the other hand, perhaps you can put in a fresh, lower bid on the property at the auction if you want.  If nobody else shows, you might be better off!

Answer 2

Hey, I know where Ashtabula is!   Do you ever get out to Thompson Drag Raceway?  I've spent some quality time there.  Anyway, I digress.

Yes, they can do this.  Put in another bid once the bank owns it, it'll be an easier process that the short sale anyway.

Answer 3

sure --if you are pre-qualified go to the auction and you might get it cheaper

Answer 4

The bank owes you nothing. Sounds cold-hearted doesn't it. Walk away.  THere are a million houses for sale.

If i have my house up for sale and someone offers me full price, i can say "Great, you can move-in December, 2009".  They can gripe and cry but the seller owes them nothing.

When you are a seller later, you can pay everyone back.

Answer 5

If they didn't accept your offer, they can do whatever they like.  Their house, their option.  Go to the auction, you'll probably get a better deal.

Answer 6

It was a regular listing until the bank foreclosed on it. There was no wrongdoing.