Highest bidder at sheriff sale and Banks attorney wants out...

[Jordan Raemisch]

I was the highest and only bidder on a property yesterday at our local sheriff sale. I bid a .01 over the banks bid and everything seemed to be just fine. 

Today I received a call from the banks attorney asking if they can refund my 10% down payment and cancel the sale. 

She said they faxed a letter to the sheriff stating to open at 47250.00 and to bid to 58900.00.  I told her that I have never seen the sheriff bid on the behalf of a bank and thought this was strange. 

Then she said their representative was late to the sale and most likely would get fired for not bidding up the property. 

I told her that I didn't want to back out of the sale and she stated that the attorneys and courts will have to figure it out because were not loosing 12,000 on this sale. 

Hopefully someone can shed light on what might happen next.