Homesearch auction questions ?

[Rob Tarsio]

Hi , 

I've participated in about 8 auctions for 1 occupied property over about 9 months.  

The bank finally accepted my offer with the reserve not met.

I had the contract in my email box the same day.    Contract is very scary.   Attorney says it is extremely 1 sided (understood).  

I wish to get our own title search done as I don't trust theirs .

I don't want to send the emd in fear of losing it if title has issues.   I checked locally and taxes were paid , no c-o issues, property looks ok after a peek.  

Has anyone had a title search done and there were issues and what happened with the emd and auction? 

Thanks!

[Ned Carey]

I am not about to do a title search on a property before bidding. That would be a lot of money spent on bids I never win. 

What does the contract actually say? That is what controls the deal and whether yo get your earnest money back. If the seller is guaranteeing free and clear marketable (insurable) title then you should get your earnest money back if they cannot convey that. If the contract doesn't guarantee that, I am not bidding at all.