Foreclosures
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Backing out of a purchase at Sheriff Sale (Ohio)
Yesterday I did something incredibly stupid. I was bidding on a house at a Sheriff's Sale online. During the auction I went to increase my bid and accidentally ended up bidding on the wrong house (I know baffling). Turns out there is no way to cancel an active bid.. After winning I immediately called the Sheriffs department and was told there wasn't a lot they could do. They gave me the number to the law firm representing the bankruptcy and I'm communicating with them now but.. From what I can see online the news will not be good..
I already made a $4000 deposit to gain the ability to bid, and this money is obviously now locked up. I've read that in many places failure to pay the full amount (usually in 30-90 days) will or may result in contempt of court. Any other options I should pursue? The deal wasn't that good either given the little research I did on the house after the fact. Seems like there is some potential that is mostly dependent on the interior condition, but I really don't want the headache. I've already accepted this nightmare, just hoping to reduce loses.