Bid assignment for cash. Illegal?

[Steven Yow]

I have a high bid at an auction in NC. I was approached with a deal to assign my bid to them for a price of $xx,xxx. After reading up on this, it feels like fraud and illegal The proposer said that assigning the bid for cash was not illegal, but offering cash to not upset the bid was the only illegal issue. 

Either way I am not taking the offer, just need a little clarification from someone who has been in this position before. One day I might would rather have the cash than the house.

[Michael Ealy]

Originally posted by @Steven Yow:

I have a high bid at an auction in NC. I was approached with a deal to assign my bid to them for a price of $xx,xxx. After reading up on this, it feels like fraud and illegal The proposer said that assigning the bid for cash was not illegal, but offering cash to not upset the bid was the only illegal issue. 

Either way I am not taking the offer, just need a little clarification from someone who has been in this position before. One day I might would rather have the cash than the house.

 Unless the purchase contract you signed when you won the bid at auction specifically states that the contract is not assignable, then it is assignable. 

So yes, you can assign a contract (that does not say it's not assignable) to buy real estate in exchange for cash from someone else. They can take over your position as buyer. Or, the other way to do it, is do a double close. You buy the property, close on it and then they buy it from you and close on it. The downside is you pay double the closing costs.

If you really like the property and they're not offering enough cash to make it worth your while, then don't sell or assign it.